The cryptocurrency markets today are still in the green and numerous coins are adding anywhere from 2% to 10% on the day. However, despite the greens, a crypto market cooldown is here and the only proof for that is Bitcoin (BTC) which recently visited the $9,400 region.
Many analysts have been talking about an altseason which would put BTC in the shadows and be led by altcoins such as Bitcoin Cash (BCH), Ethereum (ETH) and Binance Coin (BNB) to advance and help these tokens gain a lot in the upcoming days. The only sign of an altseason today might be the price of Bitcoin Cash (BCH) which is up by around 9% at press time.
It is normal for a crypto market cooldown to begin after a monumental crypto rally as the one we have seen before. With Bitcoin alone going from $7,400 to $10,500 in a 42% surge, it is absolutely normal for it to retrace somewhere in the middle.
In fact, many expected the Bitcoin news to show a dump following the rally on the weekend. However, Bitcoin (BTC) and the entire market cap managed to hold on to most of the gains. BTC is still 24% higher than it was the end of last week.
According to data from TradingView, BTC managed to get close to the $10,000 level once again yesterday but there was just too much resistance at this level. Ever since then, BTC has pulled back to an intraday low of $9,200 and is now at $9,400.
The Bitcoin Cash news today show that BCH is leading the market today with a 9% increase – and is one of the best performing coins this month. The BCH cryptocurrency started the month at $221 and is right now trading at $261 which marks a 18% increase in its price this month alone. Compared to the start of 2019 when Bitcoin Cash (BCH) was at $150, the current price marks a 74% increase.
According to Alex Kruger who is a popular analyst in the crypto sphere, a plunge through the $9,000 level could see BTC back at $8,600 very quickly, leading to further declines below $8,000 once again. However, the analyst remains bullish.
$BTC. Chart. Bullish. Invalidation: 8200-8000. pic.twitter.com/jJWoGGUZqj
— Alex Krüger (@krugermacro) October 28, 2019
Peter Schiff has a totally different opinion. Even though he was bashing BTC recently, he altered his stance on crypto and in the latest tweet, he said:
“It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.”
Bitcoin’s recent sharp rally likely had nothing to do with China, or any fundamental factor. It clearly looks like market manipulation by whales looking to sucker in momentum buyers. By pumping up a technically weak market, they are able to dump more #Bitcoin at higher prices.
— Peter Schiff (@PeterSchiff) October 28, 2019
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