The post This is Why Bitcoin is Not Heading toward $28,000 – Is AltSeason on the Edge? appeared first on Coinpedia Fintech News
Bitcoin price underwent a significant upswing in recent times, marking highs beyond $24,000. While the possibility of rising above $25,000 emerged, the bears quickly slashed the rally which appears to be stuck below $23,000 at the moment.
While the BTC price is in a deep consolidation phase, the popular altcoins display immense strength, being self-assured of the impending rally towards the positive-higher ranges.
Presently, the BTC price is trading above the EMA 10 on the daily timeframe, manifesting acute strength. The star crypto appears to slow down its pace to give an opportunity for the altcoins to swell as they tend to grow when the BTC price trades sideways. Meanwhile, the BTC price continues to form higher highs and lows, indicating the token continues to trade under a bullish influence.
The bitcoin price is trying hard to hold the levels above the crucial support along the rising trend line. As the bears have regained some dominance, the price is expected to undergo a slight drop that certainly may not hamper the progress of the rally ahead. Confirming a flip from the present support. BTC prices may leap long to reach higher levels.
However, a notable sideway trend is expected to prevail as altcoins are yet to jump out of consolidation.
Many Altcoins have enjoyed strong rallies over the past few weeks
It’s easy to feel that you’ve missed out
But if you zoom out, these Altcoins have barely reversed, macro-wise
Especially since many Altcoins will make new All Time Highs in the new cycle#BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) February 5, 2023
A popular analyst, Rekt Capital believes that the altcoins have barely reversed within a very narrow region. A notable rally may kick in that ignites where-in the majority of the altcoins are believed to mark new highs, intensifying the Altseason 2023.
