Altcoin Season Incoming: Analyst Forecasts Further Bitcoin Correction, Signals Alts Market Upswing
15 Dezember 2023 - 8:30PM
NEWSBTC
Jason Pizzino, a seasoned macro investor and swing trader, has
recently put forward his analysis indicating a potential pullback
for Bitcoin. His observations, informed by a deep understanding of
market dynamics, suggest that Bitcoin’s prolonged rally could soon
give way to further correction. Altcoins Set To Shine As Bitcoin
Undergoes Correction Pizzino’s analysis is grounded in a
comprehensive review of various market indicators. The analyst has
been closely monitoring the altcoin sector, noting an accumulation
of upside potential which could lead to impactful market movements,
especially with the upcoming Bitcoin halving in view. Related
Reading: Bitcoin’s Unshakable Bottom: Analyst Reveals The Price BTC
Won’t Drop Below This anticipation of a shift in market sentiment
is further supported by his examination of the US Dollar Index
Futures chart, which shows a downward trend and recent significant
drops in a single trading day. Pizzino interprets these movements
as indicators of further downside, influenced by the general
macroeconomic conditions. While Bitcoin braces for potential
setbacks, Pizzino’s analysis reveals a silver lining for the
broader cryptocurrency market, particularly altcoins. His study of
the Total3 chart, excluding Bitcoin and Ethereum, shows a latent
potential for growth in the altcoin sector. This observation aligns
with the cyclic nature of the crypto market, characterized by
alternating periods of fear and greed. According to Pizzino, the
market is currently experiencing one of its lengthiest stretch of
positive sentiment, a trend he expects to shift in alignment with
historical market behaviors. Bitcoin’s Strong Support Zone And
Emerging Altcoin Focus In parallel, another prominent crypto
analyst, Ali Charts, has identified a critical support zone for
Bitcoin. Between $37,150 and $38,360, a substantial number of
Bitcoin transactions have occurred, with roughly 1.52 million
addresses purchasing around 534,000 BTC. In case of a deeper
correction, #Bitcoin finds solid support between $37,150 and
$38,360. This zone is backed by 1.52 million addresses holding
534,000 $BTC. Also, watch out for two resistance walls that could
keep the #BTC uptrend at bay: one at $43,850 and another at
$46,400. pic.twitter.com/NGm1XpMOLf — Ali (@ali_charts) December
11, 2023 This significant level of accumulation has established a
strong foundation, potentially curtailing any further decline in
Bitcoin’s value below that level. Related Reading: Market Jolt:
Bitcoin Falls Below $42,000 As Short Term Holders Rush To Cash In
Despite the correction, Bitcoin has shown resilience in its
recovery from recent dips. Although the asset is still down by 2.7%
over the past week and nearly 1% in the past 24 hours, it has
managed to surpass the $42,000 mark after previously falling below
$41,000 on Tuesday. However, a noticeable decline in Bitcoin’s
daily trading volume, from $30 billion earlier this week to $13.6
billion, hints at a shift in investor focus towards the altcoin
market. This aligns with Pizzino’s prediction and could be the
harbinger of a new phase in the crypto market, where altcoins
demonstrate significant rally alongside Bitcoin. Featured image
from Unsplash, Chart from TradingView
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