The cryptocurrency market is experiencing a whirlwind of activity following significant announcements, including remarks from Powell, the dismissal of Cook, and statements by Trump. Despite this flurry of news, Bitcoin $112,088 seems to display limited enthusiasm for setting new record highs, with its latest all-time high narrowly surpassing the previous one. This scenario could potentially validate the predictions of the analyst Roman Trading, who has long anticipated a downturn.
Bitcoin Decline Anticipated
The analyst known as Roman Trading has consistently voiced concerns about Bitcoin’s lack of appetite for reaching new peaks, citing signs of a deteriorating long-term structure. Recently, Roman Trading advised investors that the opportunity to sell at six-figure prices might be slipping away, urging them to lock in profits. His current analysis points to a potential double top formation.
In a detailed assessment of the daily Bitcoin chart, the analyst suggests that Bitcoin currently exhibits a trend towards a downturn, stating that if the crucial support at 112,000 is breached, the next level to watch will be 102,000. Furthermore, a double top formation may be confirmed, signaling a decline unless Bitcoin fully regains the 112,000 support in the upcoming days.
Notably, Bitcoin’s recent attempt over the last 24 hours proved lackluster, failing to reclaim the 112,000 mark. Concurrently, the US markets opened on a downward trajectory, with a subdued news flow throughout the trading day.
Impact on Bitcoin and Altcoins
The upcoming NVDIAI earnings report could provide potential support. However, the previous day’s ETF activity for Bitcoin was minimal, seeing a mere net inflow of 88 million dollars. In contrast, altcoin markets received a boost, with ETH ETF inflows surpassing 400 million dollars, suggesting a shifting focus from Bitcoin to altcoins as the former lingers in prolonged price discovery.
Roman Trading, despite expecting a Bitcoin decline, remains optimistic about altcoins’ performance. ETHBTC parity at 0.041 emerges as another hopeful indicator for altcoins, with predictions that a moderate Bitcoin decline might spark an ETHBTC rally. Such a scenario could decrease Bitcoin’s market dominance, redirecting capital toward altcoins.
Indeed, major cryptocurrencies such as SOL Coin and AVAX are witnessing gains close to 6%, while XRP has reclaimed the 3-dollar mark, and ETH remains near its all-time high territory.
