After a short respite at around $2.35 trillion market cap, the global crypto market cap was streaked to an ATH of $2.85 trillion market cap. Besides, market leaders Bitcoin and Ethereum have strived towards their new higher highs. On the other hand, the dominance of the flagship asset has captured a bearish divergence a couple of hours ago, hence cash-flow could decamp from the majority of the altcoins.
Bitcoin’s Stagnance To Fuel the Price Rally!
Bitcoin price has been undergoing dire straits post the massive run in early October. The price action appears to have prepared for another breakout anytime soon. Santiment, a crypto metric platform has highlighted the same in its latest analytics.
The price action of the most dominant asset has almost remained stagnant around the $60k range the past 10 days. There seems to be a paradigm shift in traders’ approach, a majority of them have become weary of stagnancy. Metrics further pointed out this move as a catalyst as this stability could generate more cash flow for the upcoming BTC price action.
Why Bitcoin Price Would Hit $200K!
The price action of the most dominant asset was highly volatile, yet the price has generated lower highs every year. Popular crypto analyst TechDev has shared an exciting historical price pattern of Bitcoin. The chart shown by him highlights Bitcoin price momentum in 2013 and 2017 and emphasized on probable replication of a similar trend in 2021.
In 2013, the price has experienced a healthy consolidation around 1.272 Fib level, managing the uptrend it claimed 1.618 Fib level. The asset has managed to break out from there surging by fivefold surging from $200 to $1000. Reiterating the identical pattern in 2017, the Bitcoin price has surged from $4,000 to $18,000 approximately by five-folds after steady consolidation between 1.272 and 1.618 Fib levels.
While a similar pattern has been followed by the asset since the start of the ongoing quarter, the price is expected to break out from the 1.618 Fib level. If the trend continues, then BTC’s price would smash $200k by the year’s end or early 2022.
Collectively, as high as Bitcoin goes, the higher the majority of altcoins are expected to grow eventually. Prime altcoins are presumed to undergo a short-term dump if the dominance of the flagship asset continues to rise in the next couple of days. Traders are expected to do thorough research before moving their cash to altcoins or the star crypto to ensure maximum gains.