The Bitcoin (BTC) market continued the relief rally from the bear market in recent days after an explosion towards $30,000. The impressive rally has been described as whale-induced as institutional investors move quickly to absorb as many coins as possible before next year’s Bitcoin halving. From a technical point of view, Bitcoin price could enter the final phase of the Elliott wave structure on the daily time frame.
Crypto analysts are bullish on Bitcoin
According to a popular analyst on Twitter Crypto Tony (@CryptoTony_), Bitcoin price is undeniably heading towards $32,000 in the near term. With the strong breakout and notable bullish flag consolidation building significant buying power, the analyst remains confident that Bitcoin price is well supported to climb above $31,000.
A similar position has been taken by a famous trader Michaël van de Poppe regarding Bitcoin’s dominance. According to the trader, Bitcoin dominance has more benefits to push before hitting the critical resistance level.
Altcoin pump around the corner?
With the Bitcoin pump approaching crucial resistance levels, Poppe expects some horizontal consolidation on the frame of the macro rims before the rally continues. The altcoin market led by Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) also turned bullish over the past 24 hours with higher prospects of rally along with Bitcoin.
“Bitcoin will probably start to consolidate, so altcoins have a period of relief ahead and can pick up the pace,” says Poppe. noted.