Bitcoin’s ‘Moon’ Phase Has Triggered Perfect Storm For Altcoins; Watch Out For Solana-based Coins
Anjali Belgaumkar22 Jul 20242 min read
The crypto market is poised for what could be the perfect storm. According to analyst Kyle Doops of Crypto Banter, we have just witnessed a bullish “Moon” phase for Bitcoin. This recent development suggests that any pullbacks in the near future could be prime opportunities for entry points, as bulls aim to push Bitcoin above its current range high.
The political landscape is also undergoing seismic shifts. Recently, President Joe Biden announced his resignation via Twitter, sparking a flurry of reactions. Amid this tension, he said that several altcoins and meme coins are under scrutiny for potential dip-buying opportunities. Meme coins, particularly those in the Solana ecosystem, have been performing well. Additionally, the launch of a spot Ethereum ETF is anticipated, which could have major market implications.
Institutional adoption of Bitcoin is on the rise, with a Japanese public company recently acquiring 105 Bitcoins. This trend is expected to accelerate, with more companies adding Bitcoin to their balance sheets.
Trend Analysis and Key Levels
Should Bitcoin continue to trend upwards, breaking out into a trending move, previous limit orders and stop losses will be adjusted. This means liquidity will move higher as traders chase the price. Observing the four-hour chart, there is a clear trend continuation with a “W” formation, indicating higher lows and a potential for further gains.
A key level to watch is around $66,000. If Bitcoin pulls back to this level and continues higher, 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 outlook. Any pullbacks into this region could present reaccumulation opportunities on lower time frames.
Total Market Cap
Despite Bitcoin’s bullish momentum, the total market cap of altcoins (Total 3) is theoretically in a downtrend. However, it is expected to follow a similar trajectory to Bitcoin. A breakout above the down-sloping trend line could signal new money entering the market, possibly driven by media attention around events like the Bitcoin Nashville conference.
