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Analysis

Bitcoin: Are We Heading For A Bullish Season?

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Bullish Season
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The crucial price of Bitcoin rose to $11,000. This has increased speculation about a large bull market. In contrast, a popular analyst believes that the decline in the value of altcoins compared to BTC means that the alt season is over.

It can safely be said that Bitcoin’s boring days are over. The digital currency remains bullish, reaching $11,000. Although the exchange rate has risen against the US dollar, most altcoins lag behind the latter compared to bitcoin.

Bitcoin is Breaking New Ground in 2020

After the final breakthrough of $10,000, the question remains whether BTC can maintain its price hike, especially when faced with a huge resistance of $10,500. Above the daily closing price, the bull market is verified. Indications suggest that Bitcoin will have a new highest price level in 2020.

Just a few hours ago, the large cryptocurrency had $10,500, which was exceeded in a few minutes. Bitcoin continued a key trend, reaching $11,400, but declined and fell slightly to $10,945. As of press time, BTC is trading at $10,972.09.

Bitcoin Trading Chart
BTC/USD Chart
Source: TradingView

Despite the exciting and impressive growth, it remains to be seen whether the number one cryptocurrency on CoinMarketCap will maintain its performance or drop to $9,600 to close the CME gap, as has often been the case in the past.

According to well-known cryptocurrency analyst Mati Greenspan, a $10,500 breakthrough could “trigger a larger Bitcoin bull market”. In an interview, he explained that investors could now begin to pay special attention to cash and digital shortages.

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Is This the End of the Alt Season?

Altcoins against Bitcoin

Before the BTC outbreak a few days ago, most altcoins were pumping heavily. This pump reduced BTC dominance to an annual low of 60.4%. However, Bitcoin has now increased its dominance to 62.9%.

Although some large-cap and small-cap stocks have risen against the US dollar in the past 24 hours, their performance against the number one cryptocurrency on CoinMarketCap has been baffled. Among the top ten coins, only Bitcoin Cash, Bitcoin SV, and Litecoin have slightly increased in value against BTC.

In contrast, Ethereum, Cardano, Chainlink, Tezos, and Stellar are down 6% to 8% compared to the major cryptocurrencies.

Other big losers against Bitcoin are Celsius (-12%), ABBC Coin (-12.21%), Elon (-13.6%), Ogul (-14.7%), Flexcoin (-20.44%) and Anpu Flowserve (-26.5%).

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