When it comes to the main trend, I always search for the answers on the daily chart. The price level breaking through the trend line followed by the new ATH was noticeably strong and by no means do I think that it would be a false one. The zone between $ 59,700 – 60,200 is the last one before reaching the ATH. This will be a really strong resistance with which Bitcoin may have a temporary problem. However, as long as Bitcoin manages to maintain the main trend, we can perceive this chart as bullish.
Should the price fell through the trend line and made a new low, Bitcoin would have turned for the worse.
New ATH or beginning of something new?
13% is what separates us from reaching the new maximum on Bitcoin. History showed us that Bitcoin is capable to grow this much easily within one day, so we could say that the ATH is really close. Be that as it may, this could might as well be only the beginning of something way more interesting. Because if the price could get above $ 65,000 and maintained to stay there for a longer period of time, then a proper show might start. This would subsequently lead to higher media coverage and an influx of investors which is only understandable. Media are attracted to big stories and Bitcoin breaching the ATH undisputedly falls into this category.
Altcoins are preparing for a break
As for altcoins, they are a bit late. If we look at Bitcoin, the structure speaks quite clearly. First, we overcame the declining trend and then we set a new high and managed to stay above it. If we look at the individual altcoins, they are yet to go through this phase. However, this is nothing out of the ordinary as it is exactly how cycles on cryptocurrencies work. Bitcoin always grows first and “leads the way” for other bigger altcoins such as ETH, DOT, UNI that soon follow. Basically, we could say that Bitcoin walks so that the bigger altcoins can run. The fact that altcoins are not going through the growth phase yet does not mean that it will not happen later this month. I personally believe that we are yet to hear about them. The following chart in which I am comparing Bitcoin and Uniswap illustrates it quite clearly.