Bitcoin could reach $50,000 in altcoin ‘FUD’ thanks to rises in Ethereum and Solana.
Bitcoin (BTC) struggled to stay above $43,000 until December 8 as altcoin surges put Ether (ETH) in the spotlight.
As Bitcoin gains liquidity, ETH and SOL strengthen.
Data from Cointelegraph Markets Pro and TradingView shows that BTC price consolidation is underway, with ETH/USD adding up to 7.6% in about 24 hours.
Bitcoin, which hit a 19-month high of $44,490 earlier this week, has now stumped market participants with both ETH and Solana (SOL) gaining attention.
$BTC Binance Spot
It looks like the bids have been sold and filled.Delete the appropriate OI here (Binance / Bybit Open Interest & Delta) https://t.co/DkWuLfD5gx pic.twitter.com/0CfnxCzL41
— Skew Δ(@52kskew) December 8, 2023
Popular analyst Matthew Hyland described the recent developments as a potential “false breakout,” noting Bitcoin’s share of the overall cryptocurrency market capitalization.
On December 6, dominance hit 55.26%, the highest since April 2021, in line with BTC price highs.
“If we want to avoid it, we have to end support. It is currently below.” wrote Some of the commentary on X (formerly Twitter) mentions the key 54.35% point.
At the time of this writing, dominance was lower, at around 53.9%.
Some major altcoins saw some corrections on the day, taking advantage of ETH/USD sitting at $2,392.
As an investor, SOL/USD hit $72.88 on Bitstamp, the highest since May 2022. increase It’s an optimistic bet on three figures entering the future.
Nonetheless, research firm Santiment commented on the current situation, arguing that the “FUD” surrounding the altcoin breakout could ultimately benefit Bitcoin.
“Traders fear that the cryptocurrency market could now fall into a bulltrap.” reasonable December 7th.
“But while Bitcoin has stalled its momentum for the time being, Ethereum and altcoins are once again experiencing explosive growth. If FUD increases, $BTC could rise to $50,000.”
The attached chart displays data covering social media activity for the phrases “bull trap” and “bear trap,” which are indicative of current cryptocurrency price action.
Keep your faith higher
Elsewhere, Bitcoin market participants have seen encouraging signs in the current BTC price decline.
Related: Bitcoin HODL Wave: 2020 Bull Market Buyers Now Control 16% of Supply
Popular trader Credible Crypto, known for his bullish views on Bitcoin in the current environment, claimed that accumulation is underway before the “next phase” for the largest cryptocurrency.
That bid is filled, and after the initial bounce, another set of bids pops up and fills in (the second green box), and now there is a third set of bids just shown below the price.
Someone is clearly piling up $BTC Looking forward to the next leg and this drop… https://t.co/jqc2ETyiTX pic.twitter.com/qnuo1ZRRgH
— CrediBULL Crypto (@CredibleCrypto) December 8, 2023
However, as Cointelegraph reported, some believe a much larger correction is needed, which could potentially push the market back closer to $30,000 or $20,000 before hitting new all-time highs.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
