Bitcoin is presently experiencing a supposedly devastating price correction in the market. How long and far it would drop remain speculative. From $13,800 about a week ago, BTC keeps maintaining downtrend towards $10,000 support level. As it continues to plunge below, a crypto expert has illustrated the chances of Altcions to experience exponential increases.
Bitcoin was enjoying a favourable market condition about few days ago. It was breaking resistance levels at will. BTC broke above $13,500 mark, heading towards surpassing $14,000 before it started the correction trend.
Bitcoin is presently trading below $10,500 resistance level. Some cryptocurrency analysts believe BTC is still going to plunge farther below. However, any prediction at the moment seems speculative as no one can be certain on how far or long it could dump before retracing its steps back to the top.
Tone Vays, a popular analyst and trader had earlier predicted that the then parabolic movement of Bitcoin (BTC) could be disastrous if it continues with that uptrend. He said the fall of BTC would be like that of 2018, if it surges further and retest its All Time High without the correction it’s experiencing presently.
Vays continued by positing that Bitcoin (BTC) price could see $4,000 again, before it could grow steadily to surpass its price hallmark. He then opined that such could be attained in about two years’ time.
Some crypto analysts are also envisaging that this could be an opportunity for alternative cryptocurrencies such as Ethereum (ETH), Ripple XRP, Litecoin (LTC), Bitcoin Cash (BCH) and others to break-out of BTC’s shadow for an exponential increase.
At the time of filing this report, Bitcoin is trading at $10,374.57, with 7.47% price plummet in the last 24 hours. BTC has lost relatively $900 within a day. The high volatility of the digital currency makes its trend unpredictable.
Analyst Believes That Altcoins Could See Exponential Increase as Bitcoin Declines
Altcoins are peculiar with their growths within the sovereignty of Bitcoin. BTC’s fall apparently crashes other cryptocurrencies and vice versa. According to a Crypto Twitter analyst, this could be changing very soon as BTC price keeps declining.
He’s identified as Rekt Capital on the social media. He said history could be repeating itself, claiming that altcoins could see the sharp decline of Bitcoin as a big advantage to gain market dominance.
He captioned a chart to support his sentiment, believing that altcoins are on the verge to experience evenly distributed increase.
He said “Bitcoin Dominance – 1W It is the start of a new week & already it appears that history is repeating itself A sharp decline in BTC Dominance will lead to ALTS gaining Market Dominance at the expense of BTC This will lead to exponential increases in Altcoins across the board”
#Bitcoin Dominance – 1W
It is the start of a new week & already it appears that history is repeating itself
A sharp decline in $BTC Dominance will lead to $ALTS gaining Market Dominance at the expense of BTC
This will lead to exponential increases in Altcoins across the board pic.twitter.com/NEwK8BEPUg
— Rekt Capital (@rektcapital) July 1, 2019
In conclusion, Bitcoin recently failed to hold $10,000 support level after experiencing a a drop to the 4 digit-price. However, BTC later reinstated its position above the support level within few seconds, but it keeps struggling to maintain its balance. As the digital currency remains highly unpredictable, it has the ability to surge farther above and otherwise in the interval of minutes.