The cryptocurrency market is witnessing activities following significant announcements. Despite this, Bitcoin shows restraint in pushing to new highs.
Analyst Forecasts on Bitcoin
Analyst Roman Trading has expressed concerns that Bitcoin lacks the appetite to reach new peaks, citing signs of a deteriorating long-term structure. He advises investors that the opportunity to sell at six-figure prices might be slipping away.
His current analysis suggests that Bitcoin is showing a trend towards a downturn, indicating that if the critical support at 112,000 is breached, the next level to watch will be 102,000.
Impact on Bitcoin and Altcoins
The upcoming NVDIAI earnings report could provide potential support; however, the previous day's ETF activity for Bitcoin was minimal with a mere net inflow of 88 million dollars. On the other hand, altcoin markets received a boost with ETH ETF inflows surpassing 400 million dollars, indicating a shifting focus from Bitcoin to altcoins.
Current Cryptocurrency Market Trends
Major cryptocurrencies such as SOL Coin and AVAX are witnessing gains close to 6%, while XRP has reclaimed the 3-dollar mark, and ETH remains near its all-time high territory. This supports predictions that a moderate Bitcoin decline might spark an ETHBTC rally.
Amid current news and analysts' predictions, Bitcoin faces potential decline, which may influence the rise of altcoins and alter current trends in the cryptocurrency market.
