Bitcoin
These Altcoins Are Outperforming Bitcoin
In cryptographic games The Sniper Trading Show, the analyst spoke about the short-term outlook for Bitcoin. He said the coin could aim for the $62,000 to $63,000 range, and any break above $62,000 could push it towards $65,000.
Closing above these levels this week would be a strong signal. However, there is also a chance that Bitcoin could retest its recent lows, potentially falling to the $56,000 to $57,000 range before recovering. He explained the current opportunity in altcoins, noting favorable conditions with many coins oversold relative to Bitcoin.
During these movements, Bitcoin Dominance it is expected to decline, which could benefit altcoins. The analyst explained that the recent pullback focused on Bitcoin, altcoins showed resilience, breaking their short-term trends. This suggests an optimistic outlook for the coming days, although the longer-term trends will depend on where Bitcoin closes the week.
Altcoins to the moon?
Altcoins may see small pullbacks but will likely see more gains soon. Bitcoin The loss of dominance support indicates a possible continued decline, which generally favors the performance of altcoins. If dominance and other indicators remain bearish, altcoins could revisit their prices from four weeks ago.
The analyst then focused on high-performing altcoins like Injective, Chainlink, Solana, ADA, and NEAR compared to Bitcoin. He explained that many altcoins, including INJ and Chainlink, show signs of recovery after being oversold relative to Bitcoin. This could see them surpass Bitcoin in the coming weeks. It also caught the attention of strong performers such as SUNwhich is forming a bullish weekly candle.
Regarding the market outlook, he predicted two phases for altcoins: a continued recovery through September, followed by a potential surge for Bitcoin toward all-time highs. He also mentioned the strong sentiment toward Ethereum, particularly against ETH pairs, citing Theta as a standout for its bullish setup.
Read too: Bitcoin Falls Below $59K: Experts Predict Bullish Recovery Ahead