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.
Alts have had a steady decline this week with the majority of them stringing together 4 red days in a row.— Luke Martin (@VentureCoinist) July 12, 2019
Today almost all of them are crossing above daily open or up about 5%.
If $BTC stays still increases chances that short term relief for alts can have follow through. pic.twitter.com/yUelBetJaT
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.
$BTC - 15Min Chart— Josh Rager 📈 (@Josh_Rager) July 12, 2019
Struggling to break above $11,760 with the decreasing volume setting up for more volatility (BBands squeezing on lower time frame)
Any move and close below $11,138 would be bearish on LTF and for me to get absolutely bullish, I want price above $12,500 pic.twitter.com/gTmBXRbGOW