An analyst anticipates that BTC hitting $36K could be a good thing for altcoins.
At press time, BTC was trading at $24,446.85 after its price surged 0.90%.
Symmetrical triangle formed on BTC’s daily chart suggests a breakout may be on the horizon.
Cryptocurrency trader and analyst CryptoTony shared in a post on X (formerly Twitter) that he believes Bitcoin’s (BTC) price is very likely to hit $36,000 soon, which could be good news for altcoin traders. According to the analyst, BTC’s price may experience a drop after hitting $36K, and as a result, there will be a liquidity inflow into altcoins.
$BTC / $USD – Macro Update I still very much expect this to occur. #Bitcoin to hit $36,000, decline, for the liquidity to trickle into #Altcoins If you find my charts helpful, sign up to my partners and trade using my link using code M1CZN5👉 https://t.co/AMR0gAWUog 👈 pic.twitter.com/fR4cS4VP7A
— Crypto Tony (@CryptoTony__) November 1, 2023
CoinMarketCap indicated that, at press time, the market leader was still only worth about $34,446.85 after its price managed to climb by 0.90% in the past 24 hours of trading. This meant that BTC was trading right between its 24 hour low price of $34,161.85 and its high price of $34,719.63.
Along with the increase in its price, BTC’s dominance has increased by 0.13% since yesterday. This meant that BTC’s dominance settled at 52.82%. Meanwhile, the cryptocurrency’s 24 hour trading volume slipped to $14,255,665,345 after experiencing a more than 17% decrease throughout the past day.
Daily chart for BTC/USDT (Source: TradingView)
From a technical perspective, a symmetrical triangle had formed on BTC’s daily chart. This suggests that a price breakout is imminent in the short term. In the event that the market leader’s price enters into a move towards the upside, then it may attempt to rise to the $36K mark mentioned in CryptoTony’s post.
On the other hand, if BTC escapes below the symmetrical triangle pattern, then it may retest a key support level. In this bearish scenario, BTC may drop to as low as $32,900 in the short term.
The excitement and anticipation regarding the possible approval of a Bitcoin ETF in the U.S. are also reaching fever pitch. CryptoTony’s $36K target for BTC may not be so far fetched as there have been rumors in the cryptocurrency community that a Spot BTC ETF approval could propel BTC’s price as high as $100K.
The post BTC’s Price Hitting $36K Could Spell Good News For Altcoins appeared first on Coin Edition.
