Today\u2019s been a rough day for the crypto markets, with Bitcoin\u2019s recent capitulatory selloff reaching a boiling point this morning that subsequently led most other major altcoins to similarly see intense selloffs of 10% or more.<\/p>\n
This movement has led the market structures of most digital assets to become firmly bearish, although one crypto-focused economist is now noting that he anticipates three cryptocurrencies to see notable bounces in the near-term.<\/p>\n
There are three primary factors that play into his analysis, and the confluence of these factors could lead a handful of cryptocurrencies to see notable uptrends.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down over 7% at its current price<\/a> of $8,300, which marks a notable decline from daily highs that were set yesterday within the upper-$8,000 region.<\/p>\n BTC\u2019s intense decline from these daily highs sent shockwaves throughout the aggregated crypto market, leading most major altcoins to also see capitulatory selloffs.<\/p>\n In the near-term, it is highly probable that the fate of these altcoins rests firmly in the hands of Bitcoin, as a failure for the cryptocurrency to recapture $8,400 before its daily and weekly close in a few hours could spell significant trouble for what comes next.<\/p>\n Nik Patel, a prominent cryptocurrency analyst, spoke about this in a recent tweet, explaining that a firm climb back above this level could suggest that the Bitcoin bottom is in \u2013 subsequently allowing altcoins<\/a> to also surge higher.<\/p>\n \u201cIf we close today above $8400, I would be 75% sure the bottom is in. Why? SFPs of two important swing-lows, rejection from the 360MA and anyone thinking this is a break of a H&S neckline is trapped. Target would be 9250, then new highs if support reclaimed up there,\u201d he explained.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n *IF* we close today above $8400, I would be 75% sure the bottom is in.<\/p>\n Why? SFPs of two important swing-lows, rejection from the 360MA and anyone thinking this is a break of a H&S neckline is trapped. <\/p>\n Target would be 9250, then new highs if support reclaimed up there. pic.twitter.com\/1pDjnvJLLj<\/a><\/p>\n — Nik (@cointradernik) March 8, 2020<\/a><\/p><\/blockquote>\n\n