Bitcoin shows strength, maintaining its bull market support level, encouraging altcoins.
Cryptocurrencies are set for a promising start to the weekend as the daily close approaches. Among the noteworthy movements, Dogecoin $0.271465 is on the verge of reclaiming $0.28, while Solana $239 (SOL) stands firmly at $240. As appetite for risk rises in the altcoin market, Ted Pillows has pointed to a significant signal. We will also take a closer look at analysts’ current predictions for Bitcoin $116,042.
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In his analysis today, Ted highlighted that open positions in altcoins, excluding Ethereum $4,666, are on the brink of surpassing Bitcoin’s open positions for the first time in nine months. The growth in open positions is indicative of the high demand in futures trading and tends to increase during periods of strong volatility. The analyst noted that this signifies a potential local peak for December and March 2024.
Should history repeat, we may see altcoins rising for 1-2 weeks to reach new peaks before starting a decline. However, if a bullish scenario unfolds for altcoins, we might witness continued uptrend instead of a downturn as we approach the last quarter.
“This is truly alarming! Altcoin open positions (excluding ETH) are about to surpass Bitcoin’s for the first time in nine months.”
“This last occurred in December 2024 and March 2024, and each time altcoins formed a local peak within two weeks.”
Bitcoin and Cryptocurrencies
Benjamin Cowen was among the bearish analysts. However, as noted in a recent chart he shared, Bitcoin’s bull market support level still holds strong. This is an encouraging sign for altcoins, which haven’t seen a general upward momentum yet.
“As we reach mid-September, Bitcoin continues to maintain its strength in the bull market support band.”
Michael Poppe remains optimistic, which is justified given Bitcoin’s rebound this week and positive developments on the macro front.
“Bitcoin is at 116,000 levels and in a consolidation phase. ETH has seen a significant breakout, returning to the $4,600 level. Altcoins have begun to outpace the markets, and this is the current state of affairs, set to continue.”
Unless any direct or indirect sanctions against Russia are announced in the coming days, we hope to see no negative influences suppressing cryptocurrencies.
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