Altcoins Set To Shine As Bitcoin Undergoes Correction
Pizzino’s analysis is grounded in a comprehensive review of various market indicators. The analyst has been closely monitoring the altcoin sector, noting an accumulation of upside potential which could lead to impactful market movements, especially with the upcoming Bitcoin halving in view.While Bitcoin braces for potential setbacks, Pizzino’s analysis reveals a silver lining for the broader cryptocurrency market, particularly altcoins. His study of the Total3 chart, excluding Bitcoin and Ethereum, shows a latent potential for growth in the altcoin sector.
This observation aligns with the cyclic nature of the crypto market, characterized by alternating periods of fear and greed. According to Pizzino, the market is currently experiencing one of its lengthiest stretch of positive sentiment, a trend he expects to shift in alignment with historical market behaviors.
Bitcoin’s Strong Support Zone And Emerging Altcoin Focus
In parallel, another prominent crypto analyst, Ali Charts, has identified a critical support zone for Bitcoin. Between $37,150 and $38,360, a substantial number of Bitcoin transactions have occurred, with roughly 1.52 million addresses purchasing around 534,000 BTC.
In case of a deeper correction, finds solid support between $37,150 and $38,360. This zone is backed by 1.52 million addresses holding 534,000 . Also, watch out for two resistance walls that could keep the uptrend at bay: one at $43,850 and another at $46,400. — Ali (@ali_charts)This significant level of accumulation has established a strong foundation, potentially curtailing any further decline in Bitcoin’s value below that level.
Despite the correction, Bitcoin has shown resilience in its recovery from recent dips. Although the asset is still down by 2.7% over the past week and nearly 1% in the past 24 hours, it has managed to surpass the $42,000 mark after previously falling below $41,000 on Tuesday.
However, a noticeable decline in Bitcoin’s daily trading volume, from $30 billion earlier this week to $13.6 billion, hints at a shift in investor focus towards the altcoin market. This aligns with Pizzino’s prediction and could be the harbinger of a new phase in the crypto market, where altcoins demonstrate significant rally alongside Bitcoin.
Featured image from Unsplash, Chart from TradingView