Bitcoin Price Hits All-Time-High! What Traders Can Expect Next? PullBack or Rise Ahead

The total market cap of the entire crypto space has recently broken out at a crucial resistance level registering an ATH of $2.675 trillion on 20th October 2021. Meanwhile, Bitcoin alone holds a $1.346 trillion market cap. Eventually, the total altcoin market cap stands at a new milestone of $1.43 trillion. The market is going crazy with massive gains, here’s the detailed analysis of what could be the next move for Bitcoin and other altcoins!

Bitcoin Edges Toward New ATH, What Next!

Despite rejection close to its ATH, Bitcoin showcased healthy consolidation of around $63,800. The most dominant asset is expected to break the previous high of $64,863 within the next couple of hours. Let’s discover how the asset behaved in its previous bull runs and what awaits once it runs beyond the new ATH. And what would be the altcoins response?

When it comes to historical bull runs, it was evident that the BTC price has risen and followed an upward momentum after the crucial breakouts. In 2017, the most valued asset registered ATH at $19,783.  However, the digital coin failed to sustain at the same level or anywhere close to ATH. The asset completely lost momentum and was dumped by over 75% taking the price to $3,800. 

The same trend was replicated in its bull run in the first quarter of 2021. The asset started to surge from late December 2020 with a study rise inactive addresses. In May 2021, the price reached an ATH of $64,863 with incredible gains. Woefully, even for the second time, the asset failed to close its trading anywhere near ATH despite it lost its value by 50%. 

This is When Altcoins Will Start to Boom!

However, if Bitcoin runs ahead to smash new highs, there are possibilities that it would drop with considerable losses. On the other hand, though its dominance factor is bullish, altcoins managed to have significant profits. Furthermore, as the total altcoin market cap is on the verge of a breakout, a drop in the BTC’s dominance would help rapid price action of major altcoins. 

Collectively, Bitcoin price has the strong potential to reach unexpected highs in Q4. Popular analysts across the market are predicting impressive gains for the coin notably the crypto archive platform predicted $300K. Altcoin Gardon opines the asset will boom to $98,750 and Rich dad mentioned his target of $85,000. Once its dominance drops, it could uplift the price momentum of major altcoins giving rise to grand altseason. 

Source: https://coinpedia.org/bitcoin/bitcoin-price-hits-all-time-high-what-traders-can-expect-next-pullback-or-rise-ahead/