As Bitcoin’s price stood at $108,750 at the time of writing, the ongoing negotiations between the US and China in London have become a focal point of financial discussions.
These discussions are expected to conclude with formal announcements soon. Observers have noted that the United Kingdom is the only country to have signed an agreement so far, as the mid-June deadline approaches. As the deadline of July 9 looms, well-known analyst Poppe has sparked optimism regarding the future of altcoins.
Will Altcoins Rise?
The altcoin surge historically begins when Bitcoin’s market dominance peaks and then starts to decline. The BTCD chart shared by Poppe shows continuously ascending candlesticks reaching a pivotal point. The BTC dominance seems to have failed in its second resistance attempt, signaling a potential downturn in Bitcoin’s hold over the market.
This scenario may signify the beginning of a losing streak for BTCD, predicting a promising rise for altcoins. As noted by Poppe, “There’s a strong downtrend in Bitcoin dominance, indicating a return to the decrease trend.”
If BTCD continues its decline, altcoins are expected to emerge from last year’s lows, with Ethereum potentially surpassing $2,850 and heading towards $3,500.
Bitcoin (BTC) and ETH
Bitcoin’s rise was partly attributed to the easing tension between Elon Musk and Donald Trump, coupled with the renewed negotiations between China and the United States. Though this was the anticipated outcome, Musk’s actions temporarily inflated BTC to $100,000, causing significant losses. Crypto analyst DaanCrypto expressed caution about the recent bullish developments in his latest insights.
DaanCrypto mentioned, “I’m reevaluating my plan for this month: the first decline was a solid technical setup, but it didn’t signal an entry point for a long position after the pullback. It’s unfortunate, but it happened. Clearing the current range above $108,000, if the price falls back to this range, it might trigger an entry under the red scenario. While the monthly low was on June 5 and the high on June 9, it aligns with months that previously settled the highest or lowest levels. So far, there’s no clear trigger for this trade. If the price remains steady, my confidence in a bull run will grow. Bulls wouldn’t want it to drop below $108,000. That would be a clear signal of weakness.”
Other analysts aren’t as cautious. Yoddha highlighted the anticipated bull scenario in altcoins as Ethereum’s price climbs to new all-time highs.
Yoddha emphasized, “The ETH season will be very strong, and many of you aren’t aware yet. Remember how altcoins performed when ETH hit new records.”
