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Crypto Banter’s Jonathan Fiorenza, a cryptocurrency analyst, recently shared his thoughts on the current state of Bitcoin and the cryptocurrency market. According to Fiorenza, Bitcoin is holding strong despite the chaos in the market.
He pointed out that Bitcoin is currently trading at $28,000, which is 5% higher than its lows during the recent Jesse Powell speech. He also noted that Bitcoin has formed a strong support level between $26,000 to $27,000, which he sees as a good buying opportunity.
However, Fiorenza has also warned that if Bitcoin starts closing below $27,800 within one-hour candles, there could be a possibility of further downside. He highlighted that there is a trend line on the one-hour chart, and if Bitcoin starts closing below it, there is a chance that it could come down to the $26,000 – $27,000 block.
Altcoin Distribution Expected Soon
Fiorenza then discussed the dominance of Bitcoin in the market and how it affects other cryptocurrencies. He asserted that the dominance of the king coin is currently at 48%, which he sees as a rejection area for the dominance to feed money back into altcoins. He explained that whenever Bitcoin hits the 49% mark, it has always resulted in a few weeks of altcoin distribution.
The expert believes that there will be a big distribution of Bitcoin into altcoins very soon, as he sees the current market push as a safety pump. He thinks that the big money is in altcoins, and has advised investors to load up on them once Bitcoin hits the $29,000 to $30,000 price range, which he considers his buy zone.
Fiorenza also spoke about Ethereum, which he thinks is a big cryptocurrency to watch out for. He noted that Ethereum looks strong, and he expects it to gain hype when its upgrade arrives. Fiorenza urged investors to prepare for a massive altcoin surge and be ready to make money. At press time, Bitcoin was worth $27,492 and Ether was exchanging hands for $1,743.