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July 19, 2024
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Here’s Why Altcoins May Soar Following Bitcoin’s Halving: Will the BTC Price Reach $100K?

The post Here’s Why Altcoins May Soar Following Bitcoin’s Halving: Will the BTC Price Reach $100K? appeared first on Coinpedia Fintech News

After a minor rise, the crypto markets are again consolidating, following the weakness seen among the bulls. The buying pressure is slowly fading, with the prices of the majority of the tokens, including Bitcoin, slumping close to their pivotal support zone. While the quarterly close is expected to be bullish, here’s why the BTC price is expected to lose track after the Bitcoin halving, paving the way for the altcoins to thrive. 

The BTC price has been stuck within a range for nearly 48 hours and the technicals do not appear to be in the bullish favour. Regardless of this, the price is believed to maintain a strong upswing until the halving. Following this, the price may not witness a strong pullback but the altcoins are believed to gain significant strength. Mainly because the BTC dominance is approaching a crucial resistance, which may result in a bearish pullback. 

The above chart displays the weekly movement of Bitcoin dominance within the market, which is consolidating above the key resistance zone. The levels have been ranging within the rising wedge and may continue to do so for another 3 to 4 weeks, following which they could reach the apex. Secondly, the current consolidation appears to be repeating the consolidation it displayed in 2019–2020, just before the major drop. 

Therefore, both point towards a massive pullback, which may compel the BTC price to trade within a range bound or in an ascending consolidation. A similar price action is speculated by a popular analyst, Michael van de Poppe, who believes that the dominance is likely to drop after the halving. Besides, he also says that the BTC valuation of altcoins is ‘super low’ at the moment and hence there can be a strong interest in purchasing them. 

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