Bitcoin has incurred significant buying pressure over the past month that has allowed multiple major altcoins to surge. Despite this, many altcoins have remained stagnant and have failed to match the large gains that BTC and the aggregated crypto markets has posted over the past month.
Now, one prominent cryptocurrency analyst is expressing an overwhelmingly bullish sentiment, telling his over 50k followers that there may only be a couple of days left to buy altcoins at a “discount” before they begin surging significantly higher.
Crypto Markets May Be on The Verge of an Explosive Upwards Move
Currently, the crypto markets are experiencing a mixed trading session, with Bitcoin leading the way, posting a 3% surge over the past 24-hours.
Since early-April, Bitcoin has surged from lows of roughly $4,000 to highs of nearly $6,000, which were set yesterday. BTC is now trading just a hair below its 2019 highs, and many analysts believe that the next crypto bull run is currently in its early phase.
Although Bitcoin is up significantly over the past couple of months, many altcoins have remained stagnant and have failed to post any massive gains that resemble the early phases of a bull market.
Despite this, Galaxy, a celebrated crypto analyst, explained in a recent tweet that altcoins may soon incur a sudden influx of buying pressure that sends them skyrocketing higher.
“Probably less than 48 hours to buy altcoins at a discount. Green line breaks up and it’s showtime,” he said, referencing the below chart.
Probably less than 48 hours to buy altcoins at a discount.
Green line breaks up and it's showtime. #altcoins #altcoinmarketcap pic.twitter.com/GKJVPseiQ3
— Galaxy (@galaxyBTC) May 7, 2019
Assuming that Galaxy’s assessment of the markets is accurate, Bitcoin will likely begin consolidating around its current price levels for the next couple of days, allowing trader’s to direct some of their recent profits into various altcoins.
Ethereum Surges as Crypto Markets Trade Sideways
Although most major cryptocurrencies have been trading relatively sideways over the past several days, Ethereum has been an exception, surging from its Monday lows of $160 to highs of $180, before settling to its current price of $173.
This recent price surge has led many analysts to flip bullish on ETH, setting high price targets despite the current bout of sideways trading in the aggregated crypto markets.
DonAlt, another popular crypto analyst on Twitter, spoke about Ethereum in a recent tweet, explaining that he is targeting the crypto’s next resistance level at 0.036 BTC, which is higher than its current price of 0.0293 BTC.
“$ETH Pretty simple trading range setup developing here. Currently at support – Aiming for resistance. Wouldn’t want to see it close below green and if it breaks the recent low it’s probably reaching quite a bit lower. Definitely the most attractive alt to me right now,” he explained.
Pretty simple trading range setup developing here.
Currently at support – Aiming for resistance.
Wouldn't want to see it close below green and if it breaks the recent low it's probably reaching quite a bit lower.
Definitely the most attractive alt to me right now. pic.twitter.com/mOrTuxswPu— DonAlt (@CryptoDonAlt) May 7, 2019
As Bitcoin continues to establish its footing in the upper-$5,000 region and the crypto markets continue to consolidate, traders will likely garner greater insight into whether or not the recent BTC surge will be enough to spark the next altseason.
Featured image from Shutterstock.
