- Bitcoin has made steady progress following its pre-halving drop, now up over $9,000
- Potential for a further push towards $10,000
- Alts can run if key market cap levels are reached
Bitcoin continues to look bullish following its pre-halving dropoff, with $9,000 having been crossed following some slow but steady progress in the days since the halving. Should we see some continuation then alts have the chance to make the most of the steady recovery, and I have my eyes on a few alts that might be good bets were this to continue.
$9,200-$9,300 Key Level
Bitcoin’s positive reaction to its pre-halving dropoff to $8,120 has seen it finally cross $9,000 and left us with two potential scenarios, as well as some levels to watch out for:
The bullish case sees Bitcoin move and settle above $9,300 before pushing further on towards $9,750, on its way to eradicating the losses endured by the drop. If this were the case then we would likely meet some resistance around $9,880, where we would reassess.
The bearish argument has this upward move petering out at $9,250 and kicking us back down again. Were this to happen, there is a strong concentration of interest at $8,900 which might hold us up, otherwise we could see a drop back down to the $8,400-$8,600 level. Losing support at $8,300 would be bad news and would likely send us down to further support at $7,800-$7,600.
Alts Could See Movement if Market Cap Holds Up
As far as alts are concerned, we are looking at the alt market cap holding at its current level at around $77 billion to enjoy some potential moves. If this level can hold on a weekly level we can start to look at some potential trades next week, always assuming Bitcoin doesn’t make any drastic moves, with an ideal move being up to the $85-$90 billion mark.
In the short term I am looking at DAG, XMR, and MATIC as potential plays, which hopefully will become solidified as the week progresses.
Overall though things are setting up for a promising May, with Bitcoin showing good health and alts potentially gearing up for some nice gains.