Bitcoin‘s recent bloodbath gave way to a lot of speculations, doubts, mixed emotions in the crypto community. With Bitcoin’s recent decline, altcoins rose to a 3-year dominance high with a consolidated market cap of $1.5 trillion. At the time of writing, BTC represented just 39.97% of the combined crypto-asset capitalization- the lowest ever recorded as per CoinMarketCap.
The tweet, with the header- ‘BTC Broke below the range yesterday,’ read:
“If it can reclaim it today by closing back above $49800, I don’t see a good reason why it wouldn’t move to $54000 again short-term.”
However, the flip side was spelled out for traders as well. He stated:
” If it can’t reclaim the range today, not only the weekly but also the daily would look very rough.”
This was later further illustrated using a Trading view graph.
Another well-known fellow trader and analyst replied to the aforementioned tweet to voice his opinion. Rekt Capital still maintained his optimism towards Bitcoin even during this bearish phase.
— Rekt Capital (@rektcapital) May 16, 2021
Michael van de Poppe, the dutch trader, tweeted about the possible correlations between Bitcoin’s settlement and the Alts.
Still my core focus.
— Michaël van de Poppe (@CryptoMichNL) May 16, 2021
The veteran trader reiterated that alts were holding on to their positions well. Altcoins like DOT, LTC, XRP, and ETH showed renewed upward momentum.
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