The Bitcoin (BTC) market continued with the bear market relief rally in the last few days after a blast off towards $30k. The impressive rally has been described as whale-induced as institutional investors move quickly to absorb as many coins as possible before next year’s Bitcoin halving. From a technical standpoint, Bitcoin price on the daily time frame could be entering the final phase of the Elliott wave structure.
Crypto Analysts Are Bullish on Bitcoin
According to a popular analyst on Twitter Crypto Tony (@CryptoTony_), Bitcoin price is undeniably headed for $32k in the short term perspective. With the strong breakout and notable bullish flag consolidation that accumulated significant buy forces, the analyst remains confident Bitcoin price is well bolstered to rally above $31k.
A similar standpoint has been issued by a famous trader Michaël van de Poppe with respect to Bitcoin dominance. According to the trader, Bitcoin dominance has more upside to push before approaching the critical resistance level.
Altcoin Pump Around the Corner?
With the Bitcoin pump approaching crucial resistance levels, Poppe expects some horizontal consolidation on the macro rims frame before the rally continues. The altcoin market led by Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) also turned bullish in the past 24 hours with higher prospects of rallying in tandem with Bitcoin.
“Probably Bitcoin will start to consolidate, so Altcoins have some period of relief approaching and can pick up the pace,” Poppe noted.