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0:00:00 With Ethereum and XRP Rocketing, What Will the Bitcoin Price Do?
0:00:04 This update is brought to you by “CoinCheckup News Updates” and was originally published on “NewsBTC”.
0:00:11 The crypto market has seen its craziest day in months.
0:00:14 As Bitcoin price flatlined, steadying at $10,250, altcoins absolutely skyrocketed.
0:00:21 As seen in the chart from Coin360 below, cryptocurrencies, save for Bitcoin and a few other stragglers, effectively went vertical, showing a bout of strength on a caliber that was reminiscent of 2017’s bull run.
0:00:34 Ethereum gained 7%, passing above key resistances to hit $212; and XRP topped the key $0.30 price point, posting a 16% gain on Tuesday.
0:00:45 Crazy, right?
0:00:46 Long story short: Tuesday was a perfect microcosm of 2017’s mania.
0:00:52 While altcoin holders have been pleased—more than pleased, I’m sure—by this largely unexpected move, Bitcoin investors have been left asking: what’s next for the BTC price?
0:01:01 Analysts have some answers, fortunately enough.
0:01:05 It is important to note that throughout this 2017 microcosm, Bitcoin managed to remain somewhat strong, posting a negligible-yet-non-zero gain of 0.15% on Tuesday.
0:01:16 This implies that while BTC was flowing into altcoins, fiat inflows continued to grace the Bitcoin market.
0:01:22 This perpetuated Bitcoin’s low volatility.
0:01:26 As reported by NewsBTC, the asset’s volatility per BitMEX has fallen to a zone “where massive price moves are born”, as analyst Chonis put it.
0:01:35 This low volatility implies a strong move in the coming days.
0:01:39 And this strong move is widely agreed to be one to the upside.
0:01:43 Over the past few months, Bitcoin has found itself trading in a clear triangle, seeing higher lows and lower highs.
0:01:50 While some have taken this as a bearish sign—consistently lower highs could be seen as a loss of bullish momentum—well-known analyst Jacob Canfield notes that per a study from Bulkwoski, descending triangles in an uptrend break upward 63% of the time.
0:02:04 Thanks for watching this video!
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