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Is Ethereum surge in values indicative of the next bull market phase for Bitcoin above $50K?

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  • BTC facing resistance at 50K
  • Consolidation sends altcoins to dizzying heights
  • Ether breaks above crucial $3,400 level

Bitcoin has consolidated its position at the $50,000 level, and there seems to be a psychological barrier at this level. Meanwhile, the altcoins market is shining, and several altcoins are seeing a massive surge in their value. It seems the Bull Run for the altcoins is not over. 

BTC is facing a crucial resistance at the 50K level.

Bitcoin values have been stationary at the 50K level. Ether(ETH) is already cracking this resistance and has hit a three-month high in sharp contrast. ETH is facing a run toward the next resistance around the all-time high.

The critical question is if Ether breakout could be a precursor to something similar happening with Bitcoin? Will BTC follow the same path as ETH and breach the resistance barriers in September? Checking history reveals that September has remained a corrective month, and the breakout can catch many traders off guard.

Decisive resistance zone at $51,000 to break for Bitcoin

BTC/USDT 1-day chart. Source: TradingView

As revealed by the chart above, Bitcoin strengthens its position between $44,000 and $50,000. The consolidation is the trigger that sent the altcoins to dizzying heights, and some already broke their previous all-time highs. If BTC can break this level and a breakout above $6,000 in the earlier phase of this cycle is possible.

The bearish sentiments in the charts will only be confirmed when the higher low is invalidated and broken downward. At that point, the uptrend is officially reversed.

At present, the market is consolidating after the surge from BTC July lows. The Bearish divergence cannot be confirmed until Bitcoin loses the lower bound of the support range, found at $44,000.

Total crypto market capitalization 1-day chart. Source: TradingView

The entire cryptocurrency market capitalization shows a bullish continuation with constant higher lows and higher highs.

The market capitalization must breach the resistance zone of around $2.12 trillion. Once that one breaks, more upside is likely toward new all-time highs.

Ether surges above crucial $3,400 level

ETH/USD 1-day chart. Source: TradingView

Analyzing the daily chart, it is evident that Ether is breaching the crucial breaker at $3,400.It is also indicative of the strength of the entire market. The only difference is that ETH is hitting higher highs, while Bitcoin remains in a sideways range. $3,400 is the crucial breaker, and as long as it sustains support, the all-time highs will be a regular phenomenon.

Steve Anderrson

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