BTC-Newswire

Bitcoin Facing “Lack of Strength” Warnings, Yet This BTC Alternative Flashes Promise by Crossing $6 Million Presale Mark

Press Releases Crypto News BeInCrypto Bitcoin Facing “Lack of Strength” Warnings, Yet This BTC Alternative Flashes Promise by Crossing $6 Million Presale Mark

Bitcoin has seen some price fluctuations in recent days, trading slightly below $43k at the time of this writing after dropping 1% over the last 24 hours.

While bullish momentum has slowed down recently, some analysts remain optimistic about Bitcoin’s long-term prospects, especially heading into 2024.

In the nearer term, the crypto market appears poised for an altcoin run while Bitcoin trades sideways. Recent tweets from prominent crypto analysts point to ample room for altcoin growth even if Bitcoin enters a corrective phase. As we examine these perspectives in more detail, an emerging project called Bitcoin Minetrix (BTCMTX) also warrants a closer look as a way to earn passive Bitcoin mining rewards.

Bitcoin Price Action and Market Outlook

After breaking through crucial resistance at $40k in early December, Bitcoin had traded solidly above that level for most of this month. However, bulls have struggled to extend the rally much beyond $45k.

According to crypto analyst David, who goes by The Crypto Bull on Twitter, historical patterns suggest new all-time highs may not arrive until Q4 2024 based on previous market cycles. David tweeted that the current corrective phase should begin in Q1 2024 and last approximately three months. In his view, any dips in altcoins during this period will likely be short-lived until March.

Going into Q1 2024, David expects the next correction to potentially occur around the $47k level for Bitcoin. As he explained, “Makes no sense being heavy on $BTC up here before halving is why I sold 60% on Dec 10 at $43,900 into Altcoins.” Among those altcoin picks is $INJ, which David added more to his portfolio around $18 right before it rallied to $43. With Bitcoin rangebound over the coming months, he anticipates “more fireworks on Alts in Q1.”

Meanwhile, crypto trader CrediBULL remains cautiously optimistic about the current market structure. In a recent tweet, he noted that Bitcoin is “Not showing the str

Go to Source to See Full Article
Author: BeInCrypto Team

Did you like this?
Tip BTC Newswire with Cryptocurrency