Cryptocurrency

Bitcoin price rises again to over $8.100, Altcoins will rise sharply

The upward trend of Bitcoin in the first ten days of the year 2020 has made it possible for most of the major Altcoins to put a certain distance between their current prices and the recent lows. Many of these Altcoins have not reached the level of BTC in whole, although this could soon change, if the aggregated crypto market is experiencing a greater dynamism.
Analysts are going to say now is even so far that several Altcoins that have recovered today, could be the primary factors, the Bitcoin will lead in the near future.

The crypto market is rising because Bitcoin shows signs of the beginning of a further rally

Currently, several major crypto-currencies, the increase was massive, with Bitcoin, Cash and Bitcoin SV – two controversial BTC Hard Forks by 13 per cent and 40 per cent were able to go. You are not the only digital Assets that could capture large gains, because Litecoin could rise by almost 9 percent, while EOS has scored gains of almost 7 percent.
These Altcoins climb currently, against the Background of the recent surge of Bitcoin, since the buyer of the crypto-currency were able to absorb a significant selling pressure of BTC forced almost below the key support at $7.700. The strong defense of this level has allowed the Bitcoin price to climb back over $8,000 and the crypto-currency is currently fighting to break the $8.200 brand.
Jonny Moe, a popular crypto-Analyst, on Twitter, remarked that it is time for a bullish Bitcoin Phase, and pointed to a chart showing the resistance, to overcome the BTC currently trying.

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Are Altcoins to help the next BTC rally fuel?

Historically, Bitcoin leads the aggregated markets both in Upward and in downward trend, as smaller crypto the price development of BTC currencies to imitate. This time, an Analyst is of the opinion however, that the next rally carried the BTC to over $8.500, by the rally of the Altcoins supported could be. Loma, another popular crypto-Analyst, talked about in a Tweet and said that he “would be surprised” if BTC would follow the development of Bitcoin Cash, and Litecoin. He remarked:

“If BCH and LTC lead the market, I wouldn’t be surprised if BTC follows to about $8.500.”

However, it seems that Bitcoin is struggling again to overcome this resistance brand, and any strong rejection could push BTC back in the $7000 to the area. The next few hours are followed by traders. If Bitcoin manages over $8.500 break out, this could be the start of a new parabolic rally.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.