By Alicia Maher
According to trading experts in the crypto industry, technical and fundamental analysis done on notable Altcoins have shown a positive positioning that will start bullish corrections in the crypto market.
Famous trader and crypto entrepreneur, Michaël van de Popp, said that positive indicators that predict a likely bullish run for Altcoins had emerged recently.
As opposed to the positive outlook in the altcoin space, Bitcoin’s price action has seen its price value fall from its ten-day all-time high to continue its consolidating movements.
Price analysts and expert traders have revealed that if and when BTC crosses its resistance ceiling, it is set to hit new all-time highs. Such analysis and previous price action have prompted investors to buy more HODL BTC. However, its current consolidating price action contradicts the token’s vigorous purchase activity.
BTC Owners Continue To HODL
Data sourced from TradingView and Coinmatketcap has shown BTC’s abysmal price performance in the recent days and its subsequent failure to break the $49,000 resistance ceiling despite building up a sizable momentum.
The BTC/USD trading pair that is the most traded crypto pair globally is still stuck in the $4,000 wide consolidating zone for over a week now. However, buying Frenzy and established intrinsic value have promoted traders that trade the pair marginally or in futures contracts to bet on a likely bullish run in the holiday period.
Even in the face of declining price value and abysmal price movement, statistics obtained from blockchain analytic platforms have reinforced investors’ decisions to HODL for as long as possible. Statistics have shown that the mining rate of the mother coin cannot keep up with its acquisition speed, with the supply being gobbled up by the market at speed thrice the mining speed.
Glassnode on-chain analytics has released a summary of its stats gathered in December in the latest edition of its weekly newsletter, The Week On-Chain.
According to The Week On-Chain, financially strong crypto investors are HODLing BTC, and the market is absorbing the token’s supply at thrice the rate the crypto is being minted every day.
Glassnode added in its report that at the $47,000 price mark, more than a quarter of BTC in supply in portfolios and exchanges were now worth less than their nominal value. The underwater scenario was reportedly discovered when data now was juxtaposed against data obtained from BTC’s last bombing bearish run.
Altcoins In The Bearish Space As Holidays Near
As earlier established by experts in the crypto community, Altcoins might see a market correction in their price movement as the holiday sets in and market volatility increases.
Altcoins did rally massively as predicted, but the rally was very short; it started early Wednesday and ended on the same day.
There are exceptions, however, to the positive run’s temporary failure.
XRP stood out amongst the top 10 Altcoins by market capitalization and had maintained a weekly gain of over 18% to reach the previous monthly high of $1.
Ethereum, a significant altcoin substitute for BTC, fell below the $4,000 price mark.
Michaël van de Poppe has insisted that enough signs are emerging that indicate that buying Altcoins to HODL this week will deliver a significantly positive ROI heading into the new year.
He added in his tweet that with the increasing number of weekly charts shaking of for mooning price movements, the year 2022 will be massive.