Could Double-Digit Gains Be in Store for Bitcoin and Altcoins? Top analyst says ‘strong bounce’ is expected tonight
Anjali Belgaumkar12 Jun 20242 min read
On Crypto Banter’s The Sniper Trading Show, the analyst brought to attention how the last four FOMC dates have coincided with temporary bottoms for Bitcoin. It’s intriguing to observe this pattern, as each time leading into December, there has been a dip in Bitcoin prices around FOMC days, followed by a reversal. Despite recent days of decline, Bitcoin is currently hovering around $69,000. The question now is whether we’ll see a reversal today, especially considering the major support levels and sudden shift of sentiment after the release of the latest CPI report.
Additionally, there have been notable shifts in dominance during FOMC events, adding to the importance of today’s market movements. Some indicators suggest potential reversals, with daily RSIs resetting and significant bullish divergence seen in Ethereum. Amidst the market fluctuations.
The analyst also noted that this year, there’s been a deviation from an important pattern, with Bitcoin breaking all-time highs just before the halving, a move we’ve never seen before.
This raises the question: will we see an earlier pump this year? Keeping the bullish momentum intact is key. If the bullish sentiment remains over the next few months, a strong bounce in the market should be expected. Several indicators, such as the stock sitting at the bottom and key Fibonacci levels, suggest that now is an opportune time to buy.
He elaborated on the significance of the temporary bottom, stressing on the current strong upward movement. “We need to get back above the $70k to say that that was the temporary bottom. The bounce tonight needs to be substantial,” he stressed, “and within the next three days, we should ideally see a double-digit increase.”
Addressing the potential for double-digit gains in altcoins, he predicted significant increases in the range of 20% to 25% soon, particularly after a major bounce. A big bounce tonight is imperative, he concluded, talking about the importance of closely monitoring market movements in the coming days. At the time of writing, Bitcoin has increased by two percent and is trading at $69k levels.
