Bitcoin’s movement continues to oscillate as anticipated, forming a strong support line along the way. The most favorable scenario is gradual growth, and we’re witnessing the emergence of scenarios conducive to such incremental uptrends.
The greatest benefits of gradual growth are typically reaped by altcoins. When dominance becomes too overwhelming, altcoin prices tend to stagnate as attention shifts predominantly towards Bitcoin. However, if Bitcoin’s ascent is tempered after a certain point, allowing for a leisurely upward trend, attention starts to shift back to altcoins, often resulting in sporadic surges.
This is when the altcoin bull market ensues. The desired scenario has been well outlined, and it’s crucial to observe how things unfold from here.
Now, the two problematic scenarios are as follows:
- In the event of a sudden major downturn in Bitcoin.
- In the event of a rapid surge in Bitcoin.
In the first scenario, a swift exit without hesitation is imperative. It’s often said that when Bitcoin’s weekly chart deviates from the Moving Average (MA) line, it’s time to flee.
In the second scenario of rapid ascent, while not ideal for those holding altcoins, it’s still prudent to observe closely. Should the uptrend falter again, there may be opportunities. The most crucial aspect for altcoins is for Bitcoin to establish a sufficiently high price level to attract attention without making significant moves itself, thereby creating room for altcoins to rise.
I, too, have invested in altcoins. I’ll keep an eye on how things progress and continue blogging about it.