Bitcoin Slums, Altcoin Plans To Fly
JAKARTA - The cryptocurrency market is preparing to soar. The prices of Ethereum (ETH) and other altcoins are predicted to soar. Additional information, altcoins are crypto assets other than Bitcoin.
Jason Pizzino, a well-known crypto analyst with more than 344,000 followers on YouTube, revealed that the Ethereum/Bitcoin (ETH/BTC) trading pair is showing an important signal that could trigger the revival of the altcoin market.
According to Pizzino, the current ETH/BTC movement pattern is similar to the pattern that emerged in 2020, before ETH experienced a significant price spike in early 2021. He mentioned that currently, the ETH/BTC pair is at a level that attracts market participants' attention. However, he also warned that altcoins might still experience corrections before market sentiment changes positively and encourage large rally.
ETH/BTC in November experienced reflection, but had not managed to break the 4% level. The important level I observed was 0.046 BTC. If this level is achieved, we will see an overlap in prices upwards. Meanwhile, if the lowest level of 0.032 BTC persists, this will be a strong signal for the altcoin market," Pizzino said as quoted by Daily Hodl Wednesday, December 24.
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Furthermore, he compared the current situation with market movements in December 2020. At that time, ETH/BTC showed a large volume of trade that started a bullish trend in January 2021.
In January 2021, trading volume increased sharply, indicating massive purchases driving prices up. We need a similar pattern to see the bullish momentum back, "he explained.
Pizzino also stressed that the overlap pattern, where more buyers enter the market and prices remain stable, is key to confirming the rise. Currently, the market has not shown any significant signs of consolidation to start a large rally.
If this bullish pattern is repeated, other altcoins are also expected to follow the movement of ETH. As the second largest asset in market capitalization, ETH is often the initial indicator for altcoin sentiment as a whole.