Bitcoin tends to move slowly over weekends until futures trading resumes, creating a calmer market environment.
Analysts anticipate a gradual rise in BTC over the next couple of weeks, with a 10%+ breakout potentially on the horizon.
Altcoins are expected to experience periodic rallies while Bitcoin consolidates and climbs.
Traditionally the price action in Bitcoin will remain calm as the week-end approaches and will regain some activity only when the futures markets re-open on Monday night. The token, which has experienced mild bullish action over the course of the past few weeks, may well continue this slow ascent trajectory in the days and weeks to come.
Bitcoin’s Weekend Trading Trends
In the past, Bitcoin prices tended to be traded at low volumes over the weekend mainly because of the low trading in the conventional markets. This weekend seems no different, with analysts predicting a slow and steady movement of the prices respectively. Some participants expect the upward trend of Bitcoin during the next weeks to remain unaltered, however, such a trend might be accompanied notably by a series of ‘chop’, instead of a series of sharp movements.
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Currently the cryptocurrency can be viewed as recovering with traders just expecting a conclusive break that may take the form of a 10% or greater daily move. Yet such movements are typically followed by periods of consolidation, which is indicated by Bitcoin.
Outlooks and Implications for Altcoins
Since Bitcoin is trading in a range, the smaller coins, or altcoins, are expected to have random pumps. The smaller crypto usually tends to be more volatile in the BTC bull’s holds or while it consolidates as investors rotate to other assets. This situation offers opportunities for immediate speculators while drawing attention to the overall cryptocurrency category.
There are signs that while the upward price movement of altcoin s engine is being driven, there is a possibility it could be slightly propelled by Bitcoins’ slow appreciation. Provided Bitcoin continues along the present trajectory then the environment may well encourage speculative interest in the long tail of altcoins with sound technical or fundamental stories.
Pundits continue to fine-tune their bullish bias for the next few weeks in the Bitcoin market. It may not spark an explosive move up today but increasing steadily on the lower Bollinger band might ready for a breakout in the last week.
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