Crypto Analyst Suggests Bitcoin’s Stagnation Can Promote Altcoin Growth

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Bitcoin has been holding above the $9000 mark for a few months now.
  • Analyst predicts if Bitcoin could cross the $9300 mark it could as well lead towards the $9600 barrier.
  • Any price range between $8500 and $10600 is a playground time for altcoin which could last a few months longer. 

In a recent tweet by a cryptocurrency analyst by Crypto Michaël (@CryptoMichNL) said that Bitcoin has been holding above the $9000 mark for a few months now. If Bitcoin BTC could cross the $9300 mark it could as well lead towards the $9600 barrier. He further added that any price range between $8500 and $10600 is a playground time for altcoin which could last a few months longer. 

Once Bitcoin Breaks Past The $9300 Mark, It’ll Be Easy To Break The $9600 Resistance

As of now, when the article was written the price of Bitcoin was approximately around $9,277.94 which was up by 0.50% in the last 24 hours. Clearly, as we can see Bitcoin is only short of a few dollars to break the $9300 resistance mark. The crypto analyst Michael van de Poppe has clearly said in his tweet that once Bitcoin breaks through the $9300 mark it will be easier for it to break past the $9600 resistance. 

Altcoins May Have An Upper Hand As Long As BTC Is In the $8500- $10500 Range

His tweet also implied how altcoins have an upper hand as long as Bitcoin is in the $8500 and $10500 range. Altcoins may come as a great alternative for the explosive Bitcoin. As of now, it is predicted that Bitcoin will take several months to break past the $10500 resistance and till then the altcoin market will continue to grow. 

Altcoin Market Exploding With Prominent Coins Reaching New Heights

As mentioned above, Bitcoin has been struggling to get past the $9300 mark but a few days ago on July 9th it reached a daily high of $9,480 and experienced a daily low of $9,220 indicating a bullish trend. Altcoins are generally referred to as the cryptocurrency that were launched after the inception of Bitcoin.

Ethereum is the most successful altcoin after Bitcoin. As of now Ethereum has been trading at $240.95 which is up by 0.91%. However on July 8th the altcoins experienced a heavy growth when the ‘joke-coin’ or the Dogecoin (DOGE) went up by almost 50% after a viral Tik Tok video. Further, Chainlink (LINK) saw an all-time high of $6.4 after its collaboration with China’s blockchain service network. Other altcoins such as Ripple, Litecoin, Bitcoin Cash, EOS are also showing some considerable growth. 

Moreover, the founder of Pantera Capital, Dan Morehead has said that altcoins and the specifically smart contract tokens with smaller cap are going to outperform Bitcoin in the coming two years.

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