Bitcoin shows weakness, consolidates – when will the bull run continue?
- Bitcoin has seen some mixed price action lately. Now, bulls and bears are largely at an impasse as the cryptocurrency consolidates.
- After the recent crash to below $29,000, Bitcoin has seen sideways trading that has made it incredibly unclear where BTC will trend next.
- One analyst comments that Bitcoin is showing few signs of clear strength or weakness, which likely means sideways trading will occur.
- In addition, a major altcoin is starting to show immense signs of strength – especially against its BTC trading pair.
Why analysts are so bullish on Ethereum
Bitcoin has been dampening the bullish sentiment of the rest of the Bitcoin Code market lately, with both buyers and sellers struggling to get a firm grip on the trend.
While BTC is consolidating in the sub-$30,000 region, many altcoins are showing subtle signs of strength.
One such example is Ethereum, which has largely followed Bitcoin’s price trend of late. However, this trend has started to shift in favour of ETH as the cryptocurrency is holding up well against BTC and showing a bullish technical pattern in the ETH/BTC chart.
Bitcoin consolidates after recent volatility
Currently (time of this writing), Bitcoin is trading at $32,600, which is roughly the price it has been trading at since its price fell below $29,000 a few days ago.
After hitting a low of $28,800, BTC quickly recovered to highs of $34,000 – then it slipped and has been consolidating around its current price ever since.
This has led to the entire market seeing only moderate growth – a few altcoins rising, many stagnating.
Analyst sees upswing coming for Ethereum
The bitcoin consolidation could be beneficial for the aggregate altcoin market, as one analyst now notes that Ethereum could be poised to explode to the upside thanks to strength against its bitcoin trading pair.
This could allow the aggregate altcoin market to rally higher independently of BTC.
„In my previous post, I said that BTC looks like it is going sideways. Meanwhile, $ETH/BTC looks like this… This chart kind of makes me want to jump in all the way. In fact, a lot of alts look amazing compared to BTC.“
The coming days should shed light on how altcoins like Ethereum will fare against Bitcoin (Go to Buy Bitcoin Guide), as any massive BTC rally or plunge could hinder the momentum of their smaller counterparts.