BTC’s Price Hitting $36K Could Spell Good News For Altcoins
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.
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.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.