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Bitcoin targets $36K key Wyckoff level, with altcoins set to grind up heavier


06 Jul 2021

#Bitcoin

Conditions are conspiring to deliver fresh strength across altcoins, which suffered unduly as Bitcoin briefly hit levels below $30,000, a trader predicts. Bitcoin (BTC) headed toward a key Wyckoff level on Tuesday as BTC price action got traders excited about an altcoin surge.

Wyckoff in focus below $36,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD trading up 4.6% versus the previous day’s lows on Tuesday. After seeing tests of $33,000 support, bulls won out overnight, sending Bitcoin higher. Now, a key area to watch is $36,000, popular analyst Rekt Capital said. According to Wyckoff analysis, a popular method for charting BTC price action, $36,000 marks the likely end of a “phase C” and the beginning of a “phase D” for BTC/USD — with trajectory favoring the upside.

“BTC dips to the ~$33000 area and holds the orange Higher Low perfectly,” Rekt Capital commented alongside a chart on the day. “According to the Wyckoff Accumulation Schematic, $BTC is now in the very final stages of Phase C. $BTC needs to break past $36000 to enter Phase D.”

As Cointelegraph reported, potential higher targets currently include an unfilled CME futures gap above $46,500. This would be a significant move if it were to happen, as Bitcoin would effectively exit a trading range, in which it has been sitting for multiple weeks.

Trader Filbfilb offered a more sobering view. Bears, he warned, were still in command of levels that have attracted the highest volumes — to so-called “point of control” or POC. “Trend remains down,” he summarized on Monday before the bounce higher. “Bears dominating the POC / middle of the range. It is what it is until the POC becomes support.”

Bitcoin vs. altcoins in a game of grinding

Conditions, meanwhile, may be right for altcoins to benefit more than Bitcoin in the mid term. In an atmosphere in which cryptocurrencies broadly “grind up” rather than shoot higher, it may be more than just BTC/USD that forms a point of interest, trader Michaël van de Poppe argued.

“Most likely expectation is that altcoins will be grinding up way heavier than Bitcoin in the coming period,” he told Twitter followers on Tuesday. “They looked great and got destroyed through that final drop of Bitcoin to $30K. Therefore, I’m expecting them to continue outperforming #Bitcoin in the coming months.”

Some of the top 50 cryptocurrencies by market capitalization woke up overnight, seeing gains that topped 10%. Ether (ETH), the largest altcoin, traded up 3% at $2,340. Meanwhile, many decentralized finance tokens were the standouts over the past 24 hours, namely SUSHI and Aave, which rallied by roughly 20%.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 89.2% 8 $36 947.77 -1.06% -1.21% $722 517 987 780 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 49 $2 006.98 -1.94% -0.25% $241 327 503 957 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000106 -0.01% -0.03% $88 908 308 061 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 28 $225.88 -1.16% -13.20% $34 266 144 454 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 76.8% 42 $0.599360 -0.94% -1.73% $32 255 761 880 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999945 0% 0.02% $24 452 239 909 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 56.8% 87 $54.93 -1.57% -2.13% $23 259 800 805 SOL 7 days price change
8 Cardano (ADA) ADA Cardano predictions 70% 62 $0.370958 -3.20% -3.22% $13 094 166 560 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 48 $0.077136 -4.06% 0.31% $10 954 291 481 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 81.2% 27 $0.101641 -4.10% 0.18% $9 001 259 365 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82% 30 $0.101320 -4.87% 0.51% $8 972 888 283 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 80% 31 $2.43 2.70% 4.28% $8 334 169 287 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 63.6% 69 $13.97 -3.35% -1.89% $7 781 668 263 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 57.6% 86 $19.69 -3.93% -5.98% $7 187 470 859 AVAX 7 days price change

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