Buyers are trying to provoke the growth of the cryptocurrency market, and most likely, this time their attempts will succeed. The pressure from the bears is weakening. It seems that now is the time to enter the BTC market.
Last chance to buy bitcoin under $10,000 is Nov 1st 2019.
— Crypto – $50k by December – ₿ull (@CryptoBull) November 1, 2019
It seems that Bitcoin has decided to break the consolidation model and move to higher levels. At the same time, the level of $ 9,200 was a great opportunity for purchasing. We can see the price movement on the BTC/USD chart below.
The next short-term goal is the levels of $ 9650 – $ 9800. But, there is a high probability of moving to higher levels. Otherwise, the price of the first cryptocurrency can drop to $ 8800 level or re-testing a 21-day EMA.
Oscillators also confirm the short-term growth and trend indicators indicate growth too. RSI indicates a potential breakthrough at this level additionally.
Bitcoin Dominance Keeps Rising
Also, we should not lose sight of the Bitcoin dominance idea.
According to the chart, Bitcoin is ready to rise to much higher levels, which means that altcoins will continue to bleed. Perhaps Bitcoin will be a better investment in the context of short-term profit.
As everyone knows, the stronger the dominance of Bitcoin grows, the more money flows from altcoins to BTC.
The dominance of Bitcoin has already set all conceivable and unimaginable records, and simply holding Bitcoin is more profitable than holding a portfolio of a wide variety of altcoins. If faith in altcoins does not go away, perhaps, in the long term, its time will come. And then the long-awaited season of altcoins will be back.
The term “altcoin season” is familiar to the large part of the crypto community. If you are a newcomer in this space, this concept means a period in which altcoins grow much stronger than Bitcoin cryptocurrency.
Such an increase was recorded in 2017. During 2017, the BTC dominance fell from ~ 80% below 40%.
Yes, perhaps the dominance of Bitcoin will begin to fall sooner or later, and big and smart money will return to altcoins – but when it will not be clear yet.
There are no prerequisites for the fall of Bitcoin, both in the context of price and market dominance. The community understands that it is profitable to buy bitcoin at a low price with an eye on halving.
At the moment, the Bitcoin market is ready for the start of a new wave of growth. All that is needed is to hold current levels and push the price of the asset a little higher. Thus, the bulls will be able to deprive the bears of all chances to continue the downtrend.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.