If I hear one more thing about Bitcoin’s final decision coming soon, I’m going to scream.
That said, if you’ve been anywhere near crypto social media in the last week, it’s likely all you’ve heard. It seems like most agree a major $BTC move is coming, and I’ve certainly seen it come up frequently among the 150+ influencers and traders I follow for my analysis.
I’ve been around charts enough at this point to know that’s probably true, so let’s look at what the market charts can tell us.
Disclaimer: I wrote this on Sunday night after close, so if something crazy happened between then and publication ¯_(ツ)_/¯.
Sentiment for both $BTC and Alts is very high right now, which is concerning to me because of what we saw earlier in September.
Sentiment, for $BTC in particular, only reached this level twice last month. In each case, a major dump followed within 36 hours. Things could certainly move higher, but if this trend continues recent history suggests we’re headed for a reset and that could mean a major selloff as some have suggested.
So, the top Alts chart comes with that caveat. Should $BTC nosedive, it’s unlikely many alts will keep their bullish trends. That said, should the opposite be true, we could see some major moves as many Alts have been in accumulation for quite a long time.
The Top Alts
These coins/tokens had the highest power rating in my analysis this week. The power rating is a weighted calculation taking into account sentiment, volume and the number of unique users who mentioned a coin. Generally, I eliminate any coins mentioned by less than 3 individual people as I don’t feel it would be representative of a trend.