Screenshots from Binance App
Waking up to Bitcoin at $38,000 plus seems unbelievable, but then seeing Binance notification of a price retracement from $48,000 seems more fictional, maybe a glitch, but $38k present price is far from been a fantasy. All these happened in the dead of the night West African Time and it's weekend, a significant price move less than 24hours and it is not even at the peak of market activities yet.
Is this a good sign for our long awaited all-out bullrun? Yes, maybe!
Things started going south close to the second Quarter of this year back in May and it's not strange at all especially when all patterns shows something similar to that of pre 2017 bullrun. If the charts are right, and the whales in their supreme power doesn't fuck things up with some scheme pump and dump moves to suit their purposes, then we are on a good path to something magical.
What does this mean for Altcoins? Maybe a newbie might be asking or thinking this. It's pretty simple, Bitcoin price rallying always and will always have positive effects on most Alts.
To break it down, most Altcoin have trade pairs with Bitcoin and stablecoins. The market dynamics stipulates that when there's a significant rise in Bitcoin Market Capitalization, then there's a supposed rise in the market cap of every Altcoin with a BTC trading pair.
However, it doesn't always work this way for every Altcoin. Some starts to crash in price as soon as there is a Bullish trend of Bitcoin. People will always dump(sell) at any massive increase to take their profits and this will always affects some Alts in terms of their trading price.
All in all, if this Bitcoin upward trend continues and the last All Time High is toppled, then 2021 could be that year of another Bullish run, a much more bigger one than that of 2017. It's going to be an all out party not just for Bitcoin, Alts too will bask in the euphoria of this bullish trend Bitcoin just started!
