Bitcoin price rises above $ 8,100 again, altcoins rise sharply – a new crypto rally on the horizon?
Bitcoin price rises above $ 8,100 again, altcoins rise sharply - a new crypto rally on the horizon?
Bitcoin’s upward trend in the first ten days of 2020 has enabled most major altcoins to put some distance between their current prices and recent lows. Many of these altcoins have not quite reached the level of BTC, although this could change soon as the aggregate crypto market experiences more momentum.
Analysts are now even going so far as to say that several altcoins that have recovered today could be the primary factors that will drive Bitcoin up in the near future.
The crypto market is rising as Bitcoin shows signs of another rally starting
Currently, several large cryptocurrencies have seen massive growth, with Bitcoin Cash and Bitcoin SV – two controversial BTC hard forks – rising by 13 percent and 40 percent, respectively. They are not the only digital assets that have seen huge gains today, with Litecoin rising just under 9 percent while EOS made gains of almost 7 percent.
These altcoins are currently climbing against the backdrop of Bitcoin’s recent bull market as cryptocurrency buyers were able to absorb significant selling pressure overnight, which forced BTC almost below the key support at $ 7,700. The strong defense of this level allowed the Bitcoin rate to climb above $ 8,000 again and the cryptocurrency is currently struggling to break the $ 8,200 mark.
Jonny Moe, a popular crypto analyst on Twitter, noting that it’s time for a bullish Bitcoin phase, pointed to a chart that shows the resistance that BTC is currently trying to overcome.
Go time. $BTC pic.twitter.com/t9wvC56jV0
— Jonny Moe (@JonnyMoeTrades) January 10, 2020
Will altcoins help fuel the next BTC rally?
Historically, Bitcoin has led aggregate markets in both an upward and downward trend, as smaller cryptocurrencies mimicked BTC’s price performance. This time, however, an analyst believes the next rally will push the BTC to over $ 8,500, which could be supported by the Altcoins rally. Loma, another popular crypto analyst, spoke about it in a tweet, saying that he would “not be surprised” if BTC followed Bitcoin Cash and Litecoin’s evolution. He noticed:
“If BCH and LTC lead the market, I wouldn’t be surprised if BTC follows around $ 8,500.”
However, it appears that Bitcoin is struggling to overcome this resistance mark again, and any strong rejection could push BTC back into the $ 7,000 range. The next few hours are closely followed by traders. If Bitcoin manages to break out of over $ 8,500, it could be the start of a new parabolic rally.