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Altcoins primed for major market surge; Bitcoin pullback may last longer, claims analyst

Biraajmaan Tamuly



Altcoins indicate to break soon for a major market surge; Bitcoin pullback might last longer, claims crypto analysts
Source: Pixabay

Volatility is constantly linked with the crypto-ecosystem, a market no stranger to major hikes and devaluation within a short period of time. The crypto-market has been steadily rising in valuation over the last few months, particularly in the month of April and May. At press time, Bitcoin  enjoyed a 55.5 percent dominance over the entire cryptocurrency market.

At press time, the market was recording price corrections for all major cryptocurrencies. However, Crypto Dog, a prominent crypto-analyst, has indicated a possible change in trend for altcoins.

Source: Twitter

According to the chart, the altcoin market cap excluding Bitcoin, was witnessing a consistent fall. However, the candles indicated the formation of a descending triangle as the prices were pushing against the diagonal resistance in line. The formation of the triangle indicated an impending break which would pump another surge for the altcoin market.

The break would not come as a surprise to the community as many analysts have recently suggested a massive breakout for certain altcoins.

Peter Brandt, a reputed trader, recently indicated that Litecoin charts had projected an inverted head and shoulder pattern formed by the graph, which indicated that the market was fairly bullish and that more investors were entering the Litecoin market. Another reason he cited for the speculated bull run was the upcoming Litecoin halving, scheduled for 5th August 2019.

XRP is another altcoin which, according to Peter Brandt, is on a rise.

Source: Twitter

Crypto Dog also drew out an analysis for Bitcoin and stated that Bitcoin had experienced a triple bottom over the 4-hour chart and was on a descent. The analysis suggested that the fall in valuation might extend the drop down to around $122 billion in market cap.

At press time, Bitcoin [BTC] was falling by 2.27 percent over the past 24 hours and the market cap was at $137 billion.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.