Bitcoin
Could double-digit gains be in store for Bitcoin and Altcoins? Top Analyst Says ‘Strong Recovery’ Expected Tonight
On Crypto Banter’s The Sniper Trading Show, the analyst drew attention to how the last four FOMC dates coincided with temporary bottoms for Bitcoin. It is intriguing to observe this pattern, as always before December, there was a drop in Bitcoin prices around the FOMC days, followed by a reversal. Despite the last few days of decline, Bitcoin is currently hovering around $69,000. The question now is whether we will see a reversal today, especially considering key support levels and the sudden change in sentiment following the release of the latest CPI report.
Additionally, notable shifts in dominance occurred during FOMC events, increasing the importance of current market movements. Some indicators suggest potential reversals, with daily RSIs resetting and significant bullish divergence seen in Ethereum. Amid market fluctuations.
The analyst also noted that this year has seen a deviation from an important pattern, with Bitcoin breaking all-time highs just before the halving, a move we have never seen before.
This raises the question: will we see a bomb sooner this year? Keeping bullish momentum intact is key. If the bullish sentiment continues over the next few months, a strong recovery in the market should be expected. Several indicators, such as the bottoming action and key Fibonacci levels, suggest that now is an opportune time to buy.
He detailed the importance of the temporary bottom, emphasizing the current strong upward movement. “We need to go back above US$70,000 to say that this was the temporary fund. The recovery tonight needs to be substantial,” he emphasized, “and over the next three days, ideally, we should see a double-digit increase.”
Addressing the potential for double-digit gains in altcoins, he predicted significant increases in the 20% to 25% range soon, especially after a major rally. A big rally tonight is imperative, he concluded, talking about the importance of closely monitoring market movements in the coming days. At the time of writing, Bitcoin is up 2% and is trading at $69K levels.