Bitcoin price has been trading sideways for the better part of the last three months and is consolidating in what most crypto analysts claim is a triangle pattern. The lack of action in Bitcoin markets has caused traders to seek profits elsewhere and have turned to the altcoin market where a mini-sized alt season may be underway.
However, it is likely that the alt season is short-lived, as altcoins still have a number of long-term moving averages they’ll need to break through for a real trend reversal.
Bitcoin Price Trading Sideways Leaves Room for Alts to Shine
Throughout much of 2019, Bitcoin price rallying into a new bull market has sucked all the excitement and capital out of the altcoin market, causing mass capitulation and many calling for the death of altcoins altogether.
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But ever since Bitcoin price started consolidating between $9,000 and $12,000 in a tightening triangle, boredom has set in and crypto traders frustrated with the lack of profits in Bitcoin have since turned to altcoins like Ethereum and Ripple once again.
One crypto analyst expects Bitcoin to stay stagnant yet another two weeks, and during this time, altcoins will continue to moon. The analyst says that the leading crypto asset by market cap isn’t ready to break out of a “trend cluster” it is currently stuck in.
Now I'm very sure we won't see any major up-moves on $BTC in the next 2 weeks.
Trend cluster like this = Not ready to break out