Top Analyst Predicts Strong Bounce for Bitcoin and Altcoins Potential for DoubleDigit Gains Tonight
The latest episode of The Sniper Trading Show on Crypto Banter highlighted an interesting trend regarding Bitcoin and the Federal Open Market Committee (FOMC) dates. The analyst pointed out that in the last four FOMC meetings, Bitcoin has experienced temporary bottoms. It’s fascinating to see this pattern unfold, with Bitcoin prices dipping around FOMC days leading up to December, followed by a reversal. Despite recent declines, Bitcoin is currently holding steady around $69,000. The big question now is whether we will witness a reversal today, especially with significant support levels in play and a shift in sentiment following the latest CPI report.
Furthermore, there have been noticeable shifts in dominance during previous FOMC events, adding more weight to today’s market movements. Some indicators are pointing towards potential reversals, with daily RSIs resetting and strong bullish divergence observed in Ethereum. Amidst all the market fluctuations, it’s crucial to keep a close eye on these developments.
The analyst also highlighted a deviation from a significant pattern this year, with Bitcoin breaking all-time highs just before the halving, a trend that hasn’t been seen before. This begs the question: could we see an earlier pump this year? Maintaining the bullish momentum is essential, and if sentiment remains positive in the coming months, we can expect a strong market bounce. Various indicators, including key Fibonacci levels and the stock sitting at the bottom, indicate that now might be an ideal time to consider buying.
Emphasizing the importance of the temporary bottom, the analyst stressed the current strong upward movement. “Reclaiming the $70k mark is crucial to confirming the temporary bottom. A substantial bounce tonight is necessary,” he emphasized, adding that a double-digit increase within the next three days would be ideal.
Discussing the potential for double-digit gains in altcoins, the analyst predicted significant increases ranging from 20% to 25% soon, especially after a major bounce. A substantial bounce tonight is vital, he concluded, underscoring the importance of closely monitoring market movements in the days ahead. As of now, Bitcoin has seen a two percent increase and is trading at around $69,000.
Tags: Bitcoin, Crypto news, Crypto Regulations, Cryptocurrency, Price Analysis.