They say that a rising tide lifts all boats, and this saying is especially true within the crypto markets, with Bitcoin being the tide and the various major altcoins being the boats that tend the follow its lead.<\/p>\n
Bitcoin\u2019s recent surge from lows of $6,800 has revitalized the markets, allowing multiple altcoins to post decent recoveries from their recent lows, and one analyst is now noting that many crypto\u2019s ability to surge concurrently with BTC is a bullish sign.<\/p>\n
At the time of writing, Bitcoin<\/a> is currently trading up over 2% at its current price<\/a> of $7,500, which marks a slight climb from its daily lows of $7,300, and a notable climb from its recent lows of $6,800.<\/p>\n It is imperative to note that this rally has not come about at the expense of other cryptocurrencies, as many major altcoins have similarly been able to put some significant distance between their current prices and their recent lows.<\/p>\n Ethereum is one such altcoin that has climbed significantly from its recent lows of $126, as it is now trading at nearly $140. Litecoin has also been able to surge, jumping from weekly lows of $39 to highs of $45.<\/p>\n Because the markets are tracking Bitcoin \u2013 for both better and worse \u2013 it does appear that all eyes are closely watching to see where BTC goes next, and one analyst thinks the next move could greatly favor bulls<\/a>.<\/p>\n \u201c$BTC People are gonna call inverse head and shoulders on this one. That makes me think we go and test the neckline (upper red line). Once there I think we either fake-breakout and dump back down or breakout for real which will lead to a short-squeeze. I remain bullish,\u201d DonAlt, a popular crypto analyst on Twitter, explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a><\/p>\n People are gonna call inverse head and shoulders on this one. I remain bullish. pic.twitter.com\/ozhOdHlWV7<\/a><\/p>\n — DonAlt (@CryptoDonAlt) January 3, 2020<\/a><\/p><\/blockquote>\n\n
That makes me think we go and test the neckline (upper red line).
Once there I think we either fake-breakout and dump back down or breakout for real which will lead to a short-squeeze.<\/p>\n