Bitcoin Price Prediction: 160% Upside Move Ahead, but Technical Indicators Suggest it’s Altcoins’ Time to Shine

The post Bitcoin Price Prediction: 160% Upside Move Ahead, but Technical Indicators Suggest it’s Altcoins’ Time to Shine appeared first on Coinpedia Fintech News

Bitcoin’s price is currently hovering around $58,500, leading to a slow and stagnant market. However, Dylan, an analyst from Crypto Banter, has identified a key level that could shift the market’s direction. He explained that although it’s been a quiet weekend for Bitcoin, the $59,500 level should be closely monitored.

The crucial question is whether BTC can hold above $59,500, which could then pave the way for targeting $61,600 on the upside. According to Dylan, $62,000 is a significant level since it has been tested four times and rejected each time.

He said that $61,500 and $62,000 are critical levels to watch. On the downside, $57,500 is also an important level where significant activity has occurred.

Bitcoin Fear And Greed Index: Is Altcoin Season Coming?

According to the Fear and Greed Index, we are now at the same levels as when Bitcoin was below $30,000. Yesterday, the index dropped to 25, which is often considered a good buying opportunity as it indicates a possible reversal. 

Indeed, some altcoins began to bounce back a bit over the weekend. However, with the index now at 31, the market remains fearful, as evident in this chart. The anxiety is palpable, and altcoins are taking a beating across the board. 

Can Bitcoin Rise by 160%?

The analyst explained that Bitcoin could potentially rise by 160%, although it may take some time. According to recent data, Bitcoin is currently being heavily shorted, with funding rates at their lowest point of the year. This means that those holding short positions are paying fees to those holding long positions, which could be a sign of a market bottom.

Additionally, technical indicators like the MACD are showing bullish signs, suggesting that Bitcoin might push higher. The Fear and Greed Index is also low, another signal that a reversal could be on the horizon. While it may not happen immediately, the signs point to a potential short-term move upward in the market. Altcoins are also showing promise, with TOTAL3, which tracks all altcoins except Bitcoin and Ethereum, on track to push towards a trend high.

Also Check Out: Top Analyst Says Crypto Market Set to Surge: Is the Worst Over?