After the impressive rally in January, Bitcoin (BTC) seems to be taking a breather in February. This is a positive sign because vertical rallies are rarely sustainable. A minor dip could shake out the nervous longs and provide an opportunity for long-term investors to add to their positions.
Has Bitcoin price bottomed?
The opinion remains divided, however, on whether Bitcoin has bottomed out or not. Some analysts expect the rally to reverse direction and nosedive below the November low while others believe the markets will continue to move up and frustrate the traders who are waiting to buy at lower levels.Crypto market data daily view. Source: Coin360
In an interview with Cointelegraph, Morgan Creek Capital Management founder and CEO Mark Yusko said “the crypto summer” could begin as early as the second quarter of this year.
He expects risk assets to turn bullish if the United States Federal Reserve signals that it will slow down or pause interest rate hikes. Another potential bullish catalyst for Bitcoin is the block reward halving in 2024.
Could the altcoins continue their up-move while Bitcoin consolidates in the near term? Let’s study the charts of Bitcoin and select altcoins that may outperform in the next few days.