👀 Bitcoin Price Struggles to Reach $100k: Will Altcoins Lead the Next Crypto Rally? 👀
● Bitcoin Struggles, Altcoins Surge: Bitcoin fails to hit $100k, leading traders to focus on top-performing altcoins like XRP, XLM, and DOT.
● Crypto Market Selloff Looms: Increased long liquidations and shifting focus to altcoins may trigger a market selloff before Bitcoin's potential recovery.
The initial crypto bullish momentum registered after the historic victory of US President-elect Donald Trump has significantly declined in the last few days. Bitcoin (BTC) price failed to reach the highly hyped target of $100k last week, thus leaving a huge room for speculation of the monthly close.
Meanwhile, crypto traders have gradually shifted focus to performing altcoins to maximize gains. Some of the altcoins that have attracted significant attention from traders in the recent past include Ripple’s XRP, Stellar Lumens (XLM), Polkadot (DOT), Celestia (TIA), Decentraland (MANA), and The Sandbox (SAND).
Consequently, the total crypto market cap has hovered slightly above $3.5 trillion, with more gains expected fueled by the notable cash inflows from institutional investors.
Why the Crypto Industry Could Register a General Selloff Before Recovery
The cryptocurrency market has registered heightened liquidation of long traders in the last few days, which is a major factor behind the potential selloff. As crypto traders shift focus to short the market to recoup losses, the risk of a stronger long squeeze becomes prevalent.
According to Santiment’s analyst, crypto traders should be wary as the crowd proliferates to altcoins that have been outperforming in the past two weeks. Moreover, Santiment noted that the crypto market tends to move in the opposite direction of the crowd’s expectations.
“So if Bitcoin continues to be overlooked for random pumping altcoins, the familiar pattern is for everything to get slightly flushed (especially the alts that are being FOMO’d), and then once the crowd deems the bull rally dead, it is the perfect time for BTC to go on a run and perhaps finally capture the six-figure market value you are anticipating,”~Santiment noted.
(DINARIAN NOTE: The Santiment comment above is aka a "Blowoff Top", which is what I am anticipating exactly. Following that would be what is referred to as "Altseason" )
https://coinpedia.org/news/bitcoin-price-struggles-to-reach-100k-will-altcoins-lead-the-next-crypto-rally/