Bitcoin is on a constant surge. After raising above the $11300-mark, it is expected that the Bitcoin will not hit the $28,000 mark at the end of this year.
Furthermore, their have been speculations about the cryptocurrency breaching the $100k mark. The price of Bitcoin has increased by 17% this week, as it broke through a major three-year trendline.
Altcoin declined particularly in the past 72 hours when the price of Bitcoin started to rally. Ethereum’s Ether (ETH) moved in tandem with BTC throughout the rally, but it slumped against BTC in the past two days.
“If BTC breaks the resistance at $11.4K, we are going above $12K in no time. Will take the wind out of alts again short term,” Kelvin Koh, the co-founder of Asia-based venture capital firm Spartan Group said.
The pattern of a Bitcoin rally following a strong altcoin season is not new. In previous cycles, the top cryptocurrency typically saw a sharp uptrend after altcoins initially gained against BTC.
Such a trend materializes because investors seek safer options, like BTC, when the altcoin market gets overheated.