Altcoins Want to Surge High Ahead of Ethereum Merger, But Bitcoin(BTC) Could Block Them
Bitcoin price continues to struggle around the $20,000 price range, displaying no impact of the coiling market sentiments ahead of the Ethereum merger. The official process is expected to kick off shortly with the launch of the Bellatrix upgrade. The ETH price is displaying huge strength while ETC & most altcoins are also surging high.
Meanwhile, the BTC price continues to trade within the same predefined ranges, being independent of other external factors.
However, on the brighter side, a major bullish signal has flashed which may enable the price to surge heavily in the coming days. The MACD which remained bearish for nearly a month is due for a bullish crossover that suggests, a notable surge is fast approaching.
Therefore, a well-reclaimed analyst, Micheal van de Poppe suggests 625,000 followers go long instead of shorting the asset.
The market wants to start moving upwards, but #Bitcoin is blocking it.Lots of strength on $ETH through the merge, but other altcoins are slowly waking up too.Positioning yourself into longs probably is still a better R/R than shorts here.— Michaël van de Poppe (@CryptoMichNL) September 6, 2022
The analyst says that the altcoins have been gaining notable bullish momentum ahead of the beginning of the Ethereum Merger with the Bellatrix upgrade. However, the narrow trend of the asset has hindered the altcoins to propel high. However, if the star crypto undertakes an upward move, the scenario may be pretty diverse.
So When will the BTC price manifest a bullish divergence?
The BTC price is still stuck up within a huge falling wedge in the higher time frame which suggests a continued consolidation followed by a slight pullback but may certainly not be below $18,000. Further, a rebound may uplift the price after the asset reached the peak of the wedge, resulting in a strong upwards price action.
With a breakout, the Bitcoin (BTC) price may rise not only above $25,000 but in extended bullish action, may also mark its presence above $26,400, somewhere in Q4 2022.Source