Bitcoin Is Getting Ready For A New Bull Run – BTC Just Got Easier To Mine
An important crypto analyst who became popular after correctly calling Bitcoin’s 2018 bottom said that he believes BTC is preparing for a massive bull run that will come at the expense of a lot of altcoins.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $9,636.23.
Bitcoin is getting ready for a new bull run
The online publication the Daily Hodl notes that there’s a popular analyst known as SmartContracter who said that he believes that it will not be long before Bitcoin stops coiling inside a symmetrical triangle and then it will be able to break out.
still long eth although trailed stops up aggressively below yesterdays lows.
BTC hasn’t broken out of its triangle YET, but it will and it will be glorious. pic.twitter.com/j7T2AX2fXO
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) June 1, 2020
He explained that if and when Bitcoin will break out and boost its dominance of the overall crypto market, the analyst is expecting that a lot of altcoins will be suffering in the short term.
He said “I’m about 90% BTC right now. Sold most of my alts and the remaining stronger ones like ETH I’ve aggressively trailed up stops. When BTC blows through 10k you won’t want to be holding alts.”
SmartContracter relies on Elliott Wave Theory for his analysis, which examines wave patterns that can reveal the repetitive behavior of market participants.
As reported by the Daily Hodl, he made sure to call out four altcoins in particular that could be hit in the short term.
“I am very weary on alts here. Very ugly daily candles forming on a lot of the majors. EOS, XRP, BCH and LTC all look like trash and likely going to have deeper C waves and head [toward] lower highs start forming here.”
Also, another achievement is marked by the king coin.
Bitcoin got easier to mine!
It’s been revealed that Bitcoin got easier to mine.
JUST IN: Bitcoin has just got easier to mine as the network drops the mining difficulty by 9.29% to reach 13.73 Trillion, the lowest level since January this year.
— CoinDesk (@CoinDesk) June 4, 2020
This is exactly what happened four years ago.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.