Analysts: Altcoins Could Head Back North If Bitcoin Price Fixes Above $12,500

Altcoins have been showing hard volatility recently due to Bitcoin price remaining in the correction, however, there is a chance they start rising again

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Two prominent crypto analysts on Twitter believe that altcoins’ prices will start rising again once Bitcoin enters the $12,500 area and stays there firmly.

Bitcoin is holding around $11,500

The fact that BTC price is still around $11,500 is no doubt a good sign for the crypto community. 

This is signalling that a certain pressure of buyers is taking place and that is what is holding the currency here preventing it from dropping down to $10,000.

Altcoins always follow the Bitcoin price upwards or downwards. Since Bitcoin has been dropping, so have been they.

At press time, the market is in the red, with Bitcoin declining less than 1 percent. On the top-ten list on CoinMarketCap, the only coin in the green is currently Binance Coin (BNB), rising 1.28 percent.

Analysts: $12,500 is a crucial level for BTC

A few technical analysts are positive that if Bitcoin keeps rising, altcoins will follow its suit and will also go North.

Josh Rager, though, suggests a specific price level which should help alts gain more value - $12,500. As per him, Bitcoin price must be permanently above this threshold.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.