Cryptocurrency
Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth
Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth: (NewsBTC) Bitcoin has been the best performing major cryptocurrency by far, with most large altcoins severely underperforming it throughout the past few days and weeks. While many investors allocated serious capital to altcoins in hopes of smaller tokens being a higher beta play that […]
Bitcoin Sellers are Starting to Disappear as Analysts Forecast Major Growth:
(NewsBTC) Bitcoin has been the best performing major cryptocurrency by far, with most large altcoins severely underperforming it throughout the past few days and weeks.
While many investors allocated serious capital to altcoins in hopes of smaller tokens being a higher beta play that outperform BTC, the benchmark cryptocurrency’s massive upswing has sucked all the oxygen out of the room.
Until its momentum stalls and investors rotate capital away from BTC and into altcoins, there’s a strong possibility that it will continue outperforming the aggregated cryptocurrency market.
One trader is now pointing to the lack of intense selling pressure that Bitcoin is now facing as its price rallies above $28,000 as a positive sign. This exhaustion amongst sellers seems to hint that it may be gearing up for another leg higher that sends it to fresh all-time highs.
While speaking about this, one prominent trader explained that he is watching for BTC to “send” higher in the coming hours. He specifically notes that the fact no sellers are showing up at the crypto’s highs seems to indicate that price discovery is about to continue.
This may place some short-term pressure on altcoins, as they typically struggle to rise in tandem with the benchmark cryptocurrency.