Bitcoin Drops Below $68,000, But Altcoins Show Huge Potential to Go Long Soon!

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No sooner than the BTC bulls were gaining strength, which displayed wide possibilities of reaching $75,000 during the upcoming weekend, the markets collapsed heavily. The bears appear to have capitulated to the rally, which may result in increased selling pressure for the next few days. In the meantime, the altcoins continue to flash bullish signals, displaying a huge possibility of initiating a strong AltSeason in the coming weeks. 

Bitcoin price marked the lows at around $65,569 after sustaining above $70,000 for a few days. Due to this, the altcoins within the top 10 and the other prominent ones have bled profusely. This has led to increased discussions of ‘buying at the dip’ or ‘panic selling’ over social media platforms, as per the data from Santiment. Therefore, this suggests a fair amount of FUD will be the back crowd reaction to justify a quick crypto market bounce. 

Hence, the possibility of the altcoins regaining strength appears to be viable as the ETH continues to maintain significant strength against Bitcoin.

Source: X

The ETH/BTC pair is consolidating along the bottom, which shows the growing strength of the token against the star token, Bitcoin. Besides, the RSI has broken out of the downtrend, which indicates the ALT/BTC pairs may soon outperform and thrive. Besides, the accumulation indicates the rally is repeating the previous pattern of 2020, wherein the levels triggered a massive upswing, which in turn initiated a strong AltSeason in 2021. 

Now that the ETH/BTC pair has broken out of a similar pattern, a similar price action is expected to occur. However, the pair is expected to face a final rejection at the descending trend line, which may further initiate a massive upswing, probably forming the highs of the upcoming bull run.