In a recent market analysis, crypto analyst at AM Crypto has opened up about Bitcoin’s current upward trajectory while also discussing the resurgence of altcoins as a pivotal focus. The potential for major gains in the coming days and weeks has caught the analysts’ attention, urging investors to monitor developments closely.
Bitcoin’s chart reveals an attempt to maintain levels above $41,600, with projections showing a swift move to $42,000 or possibly $43,000. However, the spotlight shifts to altcoins, hinting at a potential rotation of funds from Bitcoin to these alternative digital assets.
The analyst also discusses Bitcoin dominance, which is currently around 51%, signaling a likely consolidation phase before a potential decrease. This aligns with expectations of a surge in altcoins. Surprisingly, the total market capitalization reflects great strength in altcoins, suggesting a potential push towards the $1.8 trillion mark in the coming weeks.
The Ethereum-to-Bitcoin chart is examined, anticipating a breakout to the upside, prompting interest in Layer Two Solutions built on the Ethereum network.
Look out for These Altcoins
Specific altcoins are then brought into focus. DYDX is a potential candidate that may be bottoming out, with $2.73 identified as a critical support level. Rune is noted for its strength, with anticipation of a breakout above $4. LIT is observed in a reaccumulation zone, while Optimism shows signs of a bullish reversal. Arbitrum stands out for its performance, potentially leading other altcoins.
The overall sentiment suggests a positive outlook for altcoins in the coming weeks, with potentially significant gains. As of the time of writing, Bitcoin is trading around $41,200, Ethereum around $2,400, DYDX at $2.82, Rune at $4, Lit near $0.84, Optimism at $3.38, and Arbitrum at $182.
