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These Altcoins are outperforming Bitcoin
About Crypto Banter The commercial spectacle of snipers, the analyst talked about the short-term outlook for Bitcoin. He said the coin could target a range between $62,000 and $63,000, and any break above $62,000 could push it towards $65,000.
A close above these levels this week would be a strong signal. However, there is also a possibility that Bitcoin could retest its recent lows, potentially falling to the $56,000-$57,000 range before recovering. He explained the current opportunity offered by altcoins, noting the favorable conditions with many coins oversold against Bitcoin.
During these movements, Bitcoin dominance is expected to decline, which could benefit altcoins. The analyst explained that the recent pullback is Bitcoin-centric, and altcoins have shown resilience, breaking out of their short-term trends. This suggests a bullish outlook for the next few days, although longer-term trends will depend on where Bitcoin ends the week.
Altcoins on the moon?
Altcoins may see slight pullbacks, but are likely to see further gains soon. Bitcoin Loss of dominance support indicates a possible continued decline, which usually benefits the altcoin’s performance. If dominance and other indicators remain bearish, altcoins could revisit their prices from four weeks ago.
The analyst then focused on the best-performing altcoins such as Injective, Chainlink, Solana, ADA, and NEAR against Bitcoin. He explained that many altcoins, including INJ and Chainlink, are showing signs of recovery after being oversold against Bitcoin. This could lead them to outperform Bitcoin in the coming weeks. He also brought to the attention strong performers such as SOLwhich is forming a bullish weekly candle.
As for the market outlook, he predicted two phases for altcoins: an ongoing rally through September, followed by a potential Bitcoin surge to all-time highs. He also mentioned the strong sentiment towards Ethereum, particularly against ETH pairings, citing Theta as one of the players for his bullish setup.
Read also: Bitcoin plummets below $59,000: experts predict an upcoming bullish rebound