BTC Price Divides Market Into Bull and Bear, Is It Altseason Now？

• BTC price noted a decline in the last 24 hours despite the rate cut announcement.
• Bill Morgan pointed out that the entire market was moving down.
• Crypto Rover hinted that it was the commencement of the altseason.

BTC price is experiencing a downfall, and this has divided opinion across the crypto market. One opinion, like that of Bill Morgan, states that the entire market is likely to remain down. Another opinion states that it was time for the altseason to make a jump on the price chart. A decline in BTC price comes at a time when a rate cut was anticipated to trigger a new ATH altogether.

BTC Price Decline Attracts Worry

Bill Morgan, a notable crypto advocate, noted that a decline in BTC price was taking down the entire crypto market. Calling it a heavy correlation, he added that the trend was what we usually see.

BTC price is currently down to $114,530.52 by 0.93% over the last 24 hours. It further reflects a decline of 1.41% in the last 7 days and 1.22% in the last 30 days. Interestingly, a decline in the BTC price comes despite the announcement by the US Federal Reserve of a 25 bps rate. The move was anticipated to trigger an uptick in BTC price, largely pumped by liquidity.

Source: CoinMarketCap

Nevertheless, the price of Bitcoin token is still estimated to jump by 3.74% approximately to $118,925 in the next 30 days. The 14-Day RSI is 54.07 points. BTC price is testing the closest resistance of $115,659 at the time of writing this article.

Is It Altseason Now？

A notable crypto analyst, Crypto Rover, has hinted that altcoins would take over the bull. However, Crypto Rover also added that the season could be risky if prices continue to go south. He highlighted these two sides of the altseason through a graph.

You dont hold enough altcoins.

Chad Steingraber, another crypto analyst, has backed Rovers sentiment. Chad highlighted that the dominance of Bitcoin was likely to fall off a cliff. He added that the total crypto market, excluding BTC & ETH, was all set for an ATH.

Source: CoinMarketCap

The Altcoin Index, according to CoinMarketCap, is at 67 points. BNB is one of the few cryptocurrencies to have experienced a price surge in the last 7 days. Binance token is up by 10.89% when the article is being written. The FGI for global cryptocurrencies is 47 points, with CMC20 reflecting a fall of 2.06%.

Whats Next for BTC Price and Others？

The majority of the Bitcoin Oscillators are neutral at the moment. This includes the Commodity Channel Index with 66.67 points and MACD (12, 26) with 390.48 points. Yet, the flagship token is estimated to surge in the next 30 days for a possible milestone of above $118k.

ETH is down by 3.93% in a single day to a value of $4,297.83. ETH price could still jump by 11.38% in the next 30 days to a value of around $4,790.44.

Prices of other cryptocurrencies have plummeted at the moment. CMC shows a neutral 47 points FGI backed by the after effects of the rate cut and the presence of a pro-crypto US administration.

It is important to note that the contents of this article are neither recommendations nor advice. Do thorough research and risk assessment before crypto investments.