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The post <a href="https://coinpedia.org/price-analysis/bitcoin-is-on-its-way-to-smash-a-new-ath-while-altcoins-test-the-dead-cat-bounce-resistance-heres-what-you-need-to-know/" rel="noopener noreferrer nofollow">Bitcoin is on its way to Smash a New ATH, While Altcoins Test the ‘Dead Cat Bounce’ Resistance: Here’s What You Need to Know</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
In a surprising move, the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> soared above $68,600 in the early trading hours, which attracted acute bearish action, slashing the value by more than $1500 at the moment. The BTC price is trading around $66,600 as the technicals are going in favour of bears. However, this pullback may not prevail for a longer time, as they appear to be self-assured of hitting a new milestone any time within the next 24 hours.&nbsp;
Besides, the altcoins have been displaying a similar price action; it followed the 2021 bull run, which suggests the crypto market cap excluding Bitcoin is at the foothill of a massive explosion. Back in 2021, when the BTC price was on its way to mark a new ATH close to $69,000, the altcoins approached the bear market ‘Dead-Cat Bounce’ resistance zone. Therefore, a massive gap of over 140% was formed between Bitcoin and altcoins.
A similar trade setup appears to have been repeating at the moment, due to which a bullish explosion may soon set up a strong altseason.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/PRwtf3r03azBG1UZoLTLVRlFXgdq6hXq_uTL9H4WId7XcFLSTzjSyzRvzeIFLBZ_irXvd4Fq4U20kmMbeYQwkJ_rzef_WSeN3q8sAyppga6OvG9LfK8KjZE2NapAyfRiHb4IT8s9KrBYLWRDr_0n0Pc" alt="">
</figure>
The chart shared by an analyst, anonymously known as <a href="https://twitter.com/CryptoBullet1/status/1764722056388554822" target="_blank" rel="noopener noreferrer nofollow">CryptoBullet</a> displays that the altcoin market cap is approaching yet another ‘Dead-Cat Bounce’ resistance level. Moreover, there is also a gap of over 60% at the moment, which raises the possibility of them witnessing a similar price action in the coming days. After the BTC price marks a new ATH, the altcoins are expected to gain mainstream attention, which may outperform Bitcoin. Hence, the analyst believes,&nbsp;
<blockquote class="wp-block-quote">
 “Whenever, BTC tests the ATHs, Alts start going berserk and vastly outperform Bitcoin,”
</blockquote>
With this, the liquidity flow from Bitcoin to other altcoins is expected to gear up as BTC dominance approaches the edge of the rising wedge. As a result, a decent pullback may offer the altcoins an opportunity to expand and thrive to reach the milestone of a $2 trillion market cap.&nbsp;

Bitcoin is on its way to Smash a New ATH, While Altcoins Test the ‘Dead Cat Bounce’ Resistance: Here’s What You Need to Know

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