BTC is approaching its historic high
The market benchmark is on the way to its historical maximum, BTC is followed by major altcoins. Positive sentiment allows us to count on further market growth, 8848 Invest’s analyst Mark Sorokin is sure.
There were extremely positive market dynamics last week. BTC has almost reached its historic high around $65,000. On October 18, there was a natural pullback, a sharp volume distribution.
‘The situation with alternative coins developed similarly. Since after such sharp drops, the open interest of market participants is lost, a lot of stop-losses are triggered, now I expect the formation of a new accumulation,’ the expert notes.
The market needs to get fresh liquidity, so we should expect the development of flat trends at current levels for most os tools. The actual position of the coins will indicate the further market situation development.
‘It would be great to see an update of the BTC’s historical maximum at a level above $65,000. I expect there won’t be a lot of stop-losses significantly affecting the current balance, and after reaching this range, the coin will continue its organic growth to new highs in the area of $70,000–75,000,’ Mark Sorokin says.
Generally, the market sentiment is positive. The situation developed significantly influenced by the results of the US trading session on Monday.
‘The evening session is more important for us, so we are waiting for technical data updates after 5 pm,’ the expert notes.
Key altcoins show a significant correlation with BTC, so changes in the BTC exchange rate will determine the prospects of the major alternative coins.