Analyst Says Bitcoin’s “Consolidation, Giving #altcoins Space To Continue Running”

On Monday (May 10), Bitcoin ($BTC) is continuing its consolidation around the $58,000 level while Ethereum ($ETH) keeps posting new all-time highs, today reaching as high as $4,213 on Coinbase.

Data by TradingView indicates that at 04:05 UTC, on Coinbase, the Bitcoin price reached the intraday high of $59,592; currently (as of 17:30 UTC), however, Bitcoin is trading around $57,411, down 0.21% in the past 24-hour period.

As for Ethereum, as you can see in the one-month ETH-USD price chart below, in the last one-month period, $ETH has gone from $1,771 (on April 10) to $4,165 (where it is currently on May 10), which means it has gone up over 135% vs USD. As for today, at 16:41 UTC, on Coinbase, the Ethereum price hit $4,213, setting a new all-time high.

Dutch crypto analyst Michaël van de Poppe says that BTC’s consolidation here is good for the health of the crypto market and it gives altcoins (such as Ethereum, Litecoin, and Stellar) a chance to continue their bull runs.

Regarding #Bitcoin, so far, so good.

Healthy consolidation, giving #altcoins space to continue running.

However, people become bullish at resistances, might be time that we’ll have a correction on $BTC.

Bullish if we flip red zone. pic.twitter.com/9ddvrYJUdB

— Michaël van de Poppe (@CryptoMichNL) May 10, 2021

Crypto analyst Lex Moskovski says that once bullish indicator for Bitcoin is that miners are still accumulating $BTC.

Ki Young Ju, the CEO of South Korean blockchain analytics startup CryptoQuant, says that according to the on-chain metric Exchange Whale Ratio (72h MA) — which is “the relative size of the top 10 inflow transactions to total inflows” — Bitcoin is still in a bull market.

And finally, earlier today, Tom Brady, quarterback for professional American football team Tampa Bay Buccaneers of the National Football League (NFL), who is arguably the greatest NFL quarterback in history, got everyone in Crypto Twitter excited about the possibility that he might have joined “Team Bitcoin” by changing his Twitter profile photo so that it adopts the “laser eyes” meme:

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Featured Photo via Pixabay.com