2020-10-10 09:34 |
Analysts expect Bitcoin price to retest $11,000 after favorable macro factors improve BTC’s technical setup.
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Following the latest increase, which came after locating support on Wednesday, FTT appears back in an upward range as it aims to retake the weekly high. A flip through it could set the price for a bigger rally.
In a detailed post on X, crypto analyst Jamie Coutts outlined various indicators he monitors to gauge when the market might pick up bullish momentum. Crypto Market Might Be In The Final Stage Of The Bearish Phase Coutts, Chief Crypto Analyst at the financial knowledge and education platform RealVision, noted that the cryptocurrency market has gradually declined.
After the altcoin sector became significantly turbulent following the sluggish momentum of the BTC price trend, notable cryptos have lost millions in the recent correction. Litecoin (LTC) and Avalanche (AVAX) have witnessed notable outflows since their prices retracted below immediate support levels.
Bitcoin is it a crucial stage in this market cycle as several factors signal continued downside whilst others indicate that BTC is set to bottom out.
Starting this week on a bearish note, Polkadot DOT appeared to have found support but is yet to bounce back on the daily chart. A big price movement should be expected soon following a fresh bullish setup daily.
The narrative of Option2Trade’s (O2T) emergence and rally amidst the stagnation of traditional favorites like Shiba Inu (SHIB) and Pepecoin (PEPE) provides valuable insights into the changing preferences and dynamics of the cryptocurrency market.
Algorand ALGO started this month bearish but later found solid ground. However, it has recovered nicely following a notable surge in the past week. It currently appeared strong and set for a new bullish phase.