MacBTC who is a crypto analyst elaborates on the fact that the Altcoin market is at the edge of hitting the bottom.
He makes his prediction about altcoin and says to his 23,000 twitter followers that he is a long Bitcoin and that in a couple of weeks the upcoming final round of selling would prove panic for the altcoin traders and they will surrender. After this surrender, long term buying opportunities will be considered by these altcoin traders.
He says
Short BTC pairs. Long Bitcoin. Real alt capitulation starts in 2 weeks. Feel free to countertrade me.
He also foresees the price of Ethereum and says that before the start of a sustainable turnaround, there may occur a drop of 22% in Ethereum up against Bitcoin. We have already seen a drop of 44% in ETH dropped from its 2019 high of 349.47.
"ETH/BTC has bottomed"
Me: pic.twitter.com/4Ogj56YISv
— Mac ❄️🐺 (@MacnBTC) August 19, 2019
Another analyst whose name is Josh Rager elaborate on the worth of Bitcoin. He says that this price of Bitcoin that is $10,977 can prove to be resistant. He says that any breach above this line may prove for the leading digital cryptocurrency the beginning of bull.
CoinMarketCap says that at the time of publishing the worth of Bitcoin came down is 5.43% at $10,208. Rager also pointed out that because of almost touching the number of $14,000, a lengthy phase of accumulation is happening for BTC.
As he states
IMO, this seems just like one large re-accumulation happening after large players took profits near $14k. Price could drop down again but it’s highly unlikely it falls below the 20 MA (blue line) at high $8ks now ATM, I’ll take my chances at scaling in slowly week by week.
$BTC Update
Have been away from charts mostly this week
Bitcoin possibly just made it's next lower high after rejecting of 20MA on daily and short term trend line breakdown
Currently bouncing off long term trend line and wanting to watch a close above $10,200 pic.twitter.com/PJ2HXJ0ixE
— Josh Rager 📈 (@Josh_Rager) August 21, 2019
In short, there is a chance of hitting the bottom of the Altcoin market and the traders of altcoin may surrender in the final round of panic selling.
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