Bitcoin continues to trade sideways, Weiss Ratings calls bottom at $46,000, remains bullish on altcoins leading the market

Weiss Ratings, following a significant drop in the market, believes that the current market is still in the altcoin season, with most small coins expected to outperform Bitcoin in the coming weeks. Regardless of Bitcoin's rise or sideways movement, it may help altcoins break historical highs. Weiss Ratings also provided a bottom price for Bitcoin.

The cryptocurrency research firm Weiss Ratings analyzed the reasons for the crash and predicted the future trends of Bitcoin, BNB, and LINK, using the 21-day moving average as a key reference point.

Bitcoin Breaks Support Level

Wilshire believes that the recent drop is not due to a single factor, but the significant leverage in the market seems to be one of the main causes. Bitcoin has now fallen below the 21-day moving average, indicating a potential longer corrective phase. The article mentions:

We may consider $46,000 to $48,000 as the bottom, which is roughly a 30% retracement, as we have been anticipating for months. This could be a good buying opportunity, and a meaningful retracement will bring at least another year-long bull market cycle.

However, Wilshire also points out that if Bitcoin manages to stay above $60,000 for three consecutive days, it will quickly reach a new all-time high.

BNB Hits Bottom, LINK Support Stable

BNB has been soaring this year, hitting a historical high of $638 on 4/12. After a few days of correction, Wilshire believes that its price has bottomed out and will push towards new highs again. Chainlink (LINK) reached a new high of $44.33 on 4/15, with the price at $34.2 before the deadline.

Both tokens are now supported above the 21-day moving average after the correction. Wilshire points out that if LINK can break above $40, it will likely reach a new high again.

Next Steps for the Market

The cryptocurrency market has been excessively expanding in the past few months, and like traditional financial markets, periodic clearing of excess funds is necessary to maintain system integrity and long-term health.

Wilshire emphasizes that the market is still in the altcoin season and expects greater volatility in the altcoin market. Most small coins are expected to outperform Bitcoin in the coming weeks, but caution is advised against excessive leverage.

Although Wilshire mentioned AAVE and LINK as bullish in early March, while LINK's price doubled at one point, AAVE only saw an increase of about 50% at its peak and has since almost returned to its early March levels, while LINK still maintains a 50% increase.