Eduard Watson

2 months ago

The crypto space has suffered a sharp correction not too long ago, which drove the price of BTC even below $8,000.

Today, at the moment of writing this article, BTC is trading in the red, and the most important digital asset on the market is priced at $8,223.45.

ETH and XRP are reportedly forming a bottom against BTC

Peter Brandt is known as a veteran trader and he just said that both ETH and XRP seem to be forming a bottom against the most important crypto in the space.

Brandt spotted a similar pattern regarding XRP as well, and he joined more crypto analysts who are currently believing that a new altcoin rally might be on the horizon.

Nicholas Merten, who is the host of the popular YouTube channel DataDash, said that BTC is slowly declining, and this drop in dominance is a sign of a potential trend reversal.

And analyst Scott Melker of Texas West Capital says that in his humble opinion, alt season has already arrived.

“The way people here think, they will START calling alt season only if coins do a 5-10x. By the time they accept it is happening, they’ll be buying the top, just like they did in 2017.”

Other Bitcoin predictions

Despite the market correction, there are some optimistic Bitcoin-related predictions that are popping up in the crypto space as well.

Other expert voices such as Mark Yusko say that Bitcoin is a buy at the moment, even though it fell below $8k.

Yusko said that even if BTC dropped to $5k, it would still be a buy. Yusko is a chief investing officer at Morgan Creek Capital Management.

He appeared on CNBC and he compared the price volatility and the big bet on Bitcoin to Amazon.

He talks about a key list of indicators that he believes give BTC an upside potential.

Coins Mentioned

XRP

XRP

ETH

Ethereum

BTC

Bitcoin

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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