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A crypto analyst predicts an upcoming pullback following the Bitcoin and altcoins rally. However, he anticipates the retracement to be temporary and believes it should represent an opportunity for investors to increase their holdings in anticipation of a bull market.
In a post on X, the analyst discussed his upcoming podcast, noting plans to analyze current crypto market developments. He believes last Wednesday’s market surge revealed a handful of altcoins that are poised for growth. He also noted that the upcoming FOMC report will affect crypto market behavior and play a significant role in the market’s development.
I'm seeing a dip coming for $BTC and $ALTS.
— Sheldon The Sniper (@Sheldon_Sniper) November 7, 2024
This means BUYING OPPORTUNITY
With the #FOMC tonight we're anticipating another major leg to the upside
If you want to get in on these trades before the pump then come watch me live. That simple.https://t.co/FBH65Qlx18 pic.twitter.com/UdsLyzXJww
The U.S. Federal Open Market Committee (FOMC) will hold its meeting between November 6 and 7 to review the prevailing economic and financial conditions in the United States. The board will announce decisions, including its monetary policy stance and its assessment of risks associated with its long-term goals.
Read also: Bitcoin Market Sees Sell-Off Before FOMC Meeting
Bitcoin Surges Following US Election
Notably, Bitcoin surged over 10% on Wednesday after confirmation that Donald Trump won the November 5 presidential election. The BTC rally demonstrated an overall bullish movement across the stock and crypto market, with most altcoins, including those previously stagnant, surging significantly.
Ethereum, the world’s leading altcoin by market capitalization, has surged nearly 20% since Wednesday morning, rising above significant resistance and breaking out of a prolonged horizontal channel. Most analysts believe Ethereum’s breakout signals the beginning of an altcoin season when most crypto assets will experience notable volatility and potentially make remarkable gains.
Other Altcoins Show Strong Gains
Apart from Ethereum, other altcoins like Solana, Fantom, and BNB recorded massive gains, flipping the crypto market bullish and influencing investors’ sentiments by turning them bullish. However, the analyst has also raised an alarm, warning the crypto community of an impending retracement, while emphasizing it would be temporary and allow the market to reset before a sustained bull run.
Despite the positive momentum, Bitcoin pulled back slightly in the early hours of Thursday’s trading session. The flagship altcoin traded for $74,852, reflecting a 2.2% retracement from the recently achieved $76,481 all-time high, according to data from TradingView.
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