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Bitcoin’s price is approaching the $30,000 mark, but according to an analyst, it’s time to shift our focus to altcoins, which are poised for significant gains. According to AM Crypto’s new YouTube video, as Bitcoin nears $30,000, its dominance in the cryptocurrency market is increasing rapidly. Breaking through a two-year resistance area, Bitcoin is now pushing toward the next resistance zone at 52.16.
As market sentiment improves across the board, the price of Bitcoin is approaching its 2023 highs. The past few weeks have been notably captivating, witnessing BTC initially dropping below $25,000 and subsequently reversing the trend, surging to $30,820.
However, if Bitcoin is rejected around the $30,000 mark, a potential retracement could lead to a decline in Bitcoin dominance, settling around the 50-51 area. This scenario would mark the beginning of altcoins’ rise, offering an excellent opportunity for investors.
On the daily chart, the price has surpassed the CPR (Central Pivot Range) levels and is gravitating toward the $31,000 to $32,000 range. It is likely that Bitcoin’s price may find resistance in this zone, leading to a potential consolidation or retracement below $30,000. Subsequently, Bitcoin may experience sideways movement while altcoins take the spotlight.
Considering altcoins, he specifically focuses on Chainlink (LINK). Currently, LINK is on the verge of breaking a key resistance level at $50.43. With the stochastic RSI showing room for upward movement. Looking further ahead, LINK’s bullish momentum could continue until the end of July or August, potentially yielding a remarkable 95% return.
The rise in Bitcoin and increased capital flowing into the global crypto market can be attributed to BlackRock, the world’s largest asset manager. Last week, BlackRock filed for a spot Bitcoin Exchange Traded Fund (ETF), which has positively influenced market sentiment. This move, along with other significant developments, has resulted in a surge of capital entering the crypto market, driving Bitcoin’s price above $30,000.