Altcoins
Bitcoin’s ‘Moon Phase’ Has Triggered a Perfect Storm for Altcoins; Watch Out for Solana-Based Coins
The cryptocurrency market is set for what could be the perfect storm. According to Crypto Banter analyst Kyle Doops, we have just witnessed a bullish “Moon” phase for Bitcoin. This recent development suggests that any pullbacks in the near future could be excellent entry points as bulls aim to push Bitcoin above its current range high.
The political landscape is also undergoing seismic shifts. President Joe Biden recently announced his resignation via Twitter, sparking a flurry of reactions. Amid this tension, said that several altcoins and meme coins are being scrutinized for potential buying opportunities on the downside. Meme coins, especially those in the Solana ecosystem, have performed well. Additionally, a spot Ethereum ETF is expected to launch, which could have major market implications.
Institutional adoption of Bitcoin is on the rise, with a Japanese public company recently acquiring 105 Bitcoin. This trend is expected to accelerate, with more companies adding Bitcoin to their balance sheets.
Trend analysis and key levels
If Bitcoin continues to trend higher, breaking into a trend movement, previous limit and stop loss orders will be changed. This means that liquidity will increase as traders chase the price. Looking at the 4-hour chart, there is a clear continuation of the trend with a “W” formation, indicating higher lows and potential for further gains.
A key level to watch is around $66,000. If Bitcoin returns to this level and continues to rise, it will be a strong buy-the-dip scenario. The golden cross, where the 50-day EMA crosses above the 200-day EMA, further supports this bullish view. Any pullback to this region could present reaccumulation opportunities on lower time frames.
Total market capitalization
Despite Bitcoin’s bullish momentum, the total market cap of altcoins (Total 3) is theoretically in a bearish trend. However, it is expected to follow a similar trajectory to Bitcoin. A breakout above the declining trend line could signal new money entering the market, likely driven by media attention on events such as the Bitcoin Nashville conference.