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Bitcoin (BTC) Price Action Suggesting Massive Rally and ‘Wild Ride’ for Altcoin Markets: Coin Bureau

Bitcoin

dailyhodl.com 21 March 2022 18:31, UTC
  
Reading time: ~2 m

The pseudonymous host of Coin Bureau says Bitcoin (BTC) is setting up for a rally that could take the altcoin markets with it.

In his latest YouTube update, Coin Bureau host Guy tells his 1,990,000 subscribers that Bitcoin‘s price chart is showing signs of a potential break to the upside.

“Turning to the charts, we can see that BTC continues to bounce around between the ascending triangle pattern… Ascending triangle patterns have a tendency to break to the upside – that means we could see a massive BTC pump in the coming weeks, which would take the rest of the crypto market on a wild ride.”

Looking at Ethereum (ETH) hard fork Ethereum Classic (ETC), Guy seeks an explanation for ETC’s recent pump from $25.40 just a week ago to $39.34 at time of writing.

“Though I wasn’t able to pinpoint an origin for ETC’s pump, my best guess is all the progress being made on Ethereum’s transition from proof-of-work to proof-of-stake. It’s likely that many Ethereum miners will opt to start mining ETC for as long as it’s profitable – the alternative is just to throw out all their expensive mining equipment.

Some investors could be hedging the risk of a botched merge with Ethereum’s most direct competitor… Even though ETC’s current pump barely registers on its long-term price chart, it seems to have broken through a significant zone of price resistance and could continue to rally into the $50 range.”

Moving on to Ethereum-competitor and smart contract platform Avalanche (AVAX), Guy suggests AVAX’s price is pumping from $67.20 a week ago to $88.14 at time of writing partially on the hype for an upcoming AVAX conference in Barcelona, Spain.

“Last but not least, we have Avalanche. AVAX appears to be rallying because of the upcoming Avalanche summit in Barcelona. The event is expected to attract lots of heavyweights in the crypto space and I’m sure we’ll get some exciting announcements as well. In contrast with most other cryptos, AVAX has held up surprisingly well despite the recent downturn – but it seems to be struggling to overcome all the resistance in the low-$90 range.

That said, I see a cup and handle forming on the daily and, if my observations are accurate, we could see AVAX pump as high as $110 in the not so distant future.”


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