Bitcoin and major altcoins continue to be under pressure. The analysis platform 10X Research has outlined its expectations for the future course of cryptocurrencies.
Bitcoin and Altcoins Analysis
According to 10X Research, Bitcoin is following a 'Diamond Top' pattern, indicating possible price drops after a growth period. Altcoins are also experiencing a major decline, with Ethereum being the most affected. High-volume Ethereum sales intensified due to complex trading strategies like option gamma hedging and futures liquidations. While Bitcoin partially recovered, Ethereum did not.
When Will the Altcoin Rally Begin?
10X Research analysts predict that Bitcoin and altcoins may experience further declines in the short term. Analyst Rekt Capital notes that the altcoin rally will begin after Bitcoin reaches a dominance level of 71%, increasing the likelihood of a 5-10% pullback in altcoins.
Recommendations for Investors
Analysts warn of potential further price declines for Bitcoin and altcoins in the short term. For now, they recommend a 'wait-and-watch' strategy, remaining cautious and monitoring signals of a possible reversal.
In the face of economic uncertainty and weak technical signals, the cryptocurrency market remains under pressure. Investors are advised to remain cautious and closely monitor market trends.
