Bitcoin surged past the Fair Value Layer resistance, hitting $38k on the back of hopeful expectations for a BTC ETF approval. Analysts predict a potential rise beyond $60k, noting minimal resistance until $61,156. Altcoins, such as Solana and Cardano, see gains, gaining momentum as Bitcoin takes a breather.
Renowned cryptocurrency analyst and trader CryptoCon has indicated a significant breakthrough in Bitcoin’s resistance, specifically the Fair Value Layer—an influential metric employing log regression curves to establish potential price ranges.
As depicted in the chart, BTC successfully breached the Fair Value Resistance, represented by the blue layer 4 between the bottom and top layers, reaching $38k this week amid expectations of a BTC ETF approval.
Source: CryptoCon
The white zone on the chart spans from $35k to approximately $65k, indicating a favorable position for BTC to potentially surpass $60k with no evident resistance until $61,156, where layer 5 commences.
While acknowledging the possibility of not quite reaching that threshold, CryptoCon draws attention to a scenario akin to 2019, where the price surged beyond fair value layer 4.
The analyst envisions Bitcoin reaching $47k by December 2023 or January 2024, basing this projection on a Fibonacci MVRV chart analysis. This widely-used metric assesses an asset’s relative value by comparing its market capitalization to its realized capitalization.
Get Ready for Altcoins to Go Up
As BTC hovers around $37k, various Layer-1 coins and DeFi tokens are experiencing significant bullish movements in recent weeks and months. Notably, Solana, Cardano, XRP, and meme coins like DOGE and SHIB are registering substantial double-digit gains.
Some people have told you to completely ignore #Altcoins because Bitcoin dominance is going up.
And as you might have noticed, this is a critical mistake.
While Bitcoin was outperforming Alts in Green Year of the Halving Cycles Theory, many were creating their bottoms.
In Blue… pic.twitter.com/wCnhL2ixVG
— CryptoCon (@CryptoCon_) November 11, 2023
With Bitcoin temporarily halting its notable momentum, there appears to be a shift in capital toward altcoins. However, CryptoCon has cautioned followers against dismissing altcoins solely due to the dominance of Bitcoin. Ignoring the potential of altcoins during such market dynamics, CryptoCon emphasizes, could be a crucial error.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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