PiCK
[Analysis] "Bitcoin's recovery to $90,000 is a variable that will determine the direction of altcoins"
Summary
- Swissblock said the direction of the altcoin market could be determined by whether Bitcoin recovers to $90,000.
- It said that if Bitcoin fails to recover to $90,000, there could be increased volatility and sharp declines in altcoins.
- It said that if Bitcoin falls below $80,500, altcoin sell-offs could intensify, and short-term market flows should be closely monitored.
An analysis has emerged that the altcoin (virtual assets other than Bitcoin) market could change direction depending on whether Bitcoin (BTC) recovers to $90,000.
On the 2nd, crypto asset (cryptocurrency) analytics firm Swissblock said on X (formerly Twitter), "Bitcoin is adjusting from $90,000 down to the low $80,000s, and altcoins are retesting the November low," adding, "the current range is a key area that requires structural defense."
Swissblock described the recent downward trend as a 'negative shock' and mentioned the possibility that altcoin volatility could expand if Bitcoin fails to recover to $90,000. Swissblock pointed out, "If downward pressure on BTC increases, a rapid decline phase could unfold across altcoins."
It also said, "If Bitcoin falls below the November low of $80,500, altcoin sell-offs could intensify," and expressed the need for close observation of short-term market flows.
It added, "Movements over the next few hours could determine the overall structure of altcoins."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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