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Crypto analysts are reacting to Bitcoin’s plunge below $10,000.
Nicholas Merten (aka Datadash) says BTC’s pullback of nearly 30% from its June high of $13,682 is in line with previous corrections.
“If we can get 35% or 40% down here, I’d like to take that as well. But I’m not getting greedy. A 30% correction is the starting point of previous Bitcoin corrections.”
As for when altcoins might turn around, Merten says he’s watching for Bitcoin’s dominance in the market to drop. Right now crypto investors hold 66.6% in Bitcoin with the remaining 33.4% in altcoins. Merten says that a drop in Bitcoin dominance by at least 1.5% will be an indication that alternative crypto assets may be ready to rise.
“I am definitely looking to add a bulk more to altcoins in this case once I see a trend shift. I’m talking about a good 1.5% to 2.0% drop in Bitcoin [dominance].
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And when we see that drop in Bitcoin, which is probably going to be an actual substantial price drop in Bitcoin, I want to see altcoins leap up. And it’s really going to depend on a good set of investors actually investing into altcoins at the same time or starting to get that sense of FOMO, similar to what we felt with Bitcoin back all the way in April.”
Meanwhile, analyst Josh Rager says BTC has found support at around $9,600 and is likely to fall further in the short term.
Right now, Bitcoin is down 11.22% at $9,664 according to COIN360. Ethereum is down 14.68% at $200.21, XRP is down 7.03% at $0.2944 and Litecoin is down 14.36% at $79.20.
With the bears out in force, analysts at large are looking at what’s next for Bitcoin and the overall crypto market.
Bitcoin
FXStreet – Bear pressure remains at its highest levels on the day
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Ethereum
CryptoGlobe – Little support in sight for Ether
XRP
NewsBTC – Bulls struggling to gain strength above bearish trend line
Litecoin
CCN – LTC shows signs of weakness before potential halving rally
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