Bitcoin and Altcoins Display Potential for Recovery After Recent Downtrend
Summary:
Before the Wall Street trading on April 18, Bitcoin's price briefly rose to $63,095, sparking cautious optimism among traders. Traders believe that Bitcoin's current price trend could mislead investors into a false market decline before resuming an upward trajectory. Similarly, a rebound from the recent downtrend could be on the horizon for altcoins. However, all investment and trading actions carry inherent risks and require diligent decision-making.
Before the Wall Street trading session on April 18, Bitcoin (BTC) displayed a hint of price fortitude, taking a brief run towards $63,000 and sparking a wave of cautious optimism among traders. As per the latest trading data collated from Cointelegraph Markets Pro and TradingView, BTC/USD rose to $63,095 on the Bitstamp platform, reflecting a 5.5% gush compared to the lowest point from the previous day, which was pegged around $59,700 - the weakest Bitcoin has been since early March.
Predictions on the necessity to eliminate the liquidity at $57,000, or potentially even lower, were offset by a somewhat hopeful tone. Traders like Rekt Capital emphasized that Bitcoin's price trend is in the "re-accumulation range." He pointed out instances in Bitcoin's trading pattern that could potentially mislead investors into believing in a fake market decline before the price marches upwards.
In agreement with this view, trader Jelle, while observing on-chain indicators, concluded that a positive shift is on the horizon, based on Bitcoin's recent test of the 3-day RSI 50 level and the 3-day 33EMA. In his opinion, similar outcomes to what transpired when Bitcoin was at $38,000 earlier this year can be expected, hinting that a rally could be imminent.
However, it's not just Bitcoin that displays signs of potential price upticks. Despite the severe downward trend that altcoins have been grappling with, Michaël van de Poppe, the founder and CEO of the trading company MNTrading, envisages a continuation of Bitcoin's sideways movement even after the upcoming block subsidy halving.
Altcoins have borne most of the impact of the recent crypto market correction and may have weathered the harshest part of their downtrend. Van de Poppe suggests the $52,000 and $45,000 regions as possible target zones if a stronger correction were to take place. Despite a near 17% bounce from the slump experienced on April 13, the total altcoin market cap, currently standing at $256.7 billion, is finding it hard to overturn a persistent downward projection.
Please undertake due diligence before making any investment or trading decision, as all such actions carry risk. This news does not offer investment advice or recommendations.
Published At
4/18/2024 3:37:29 PM
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