{"id":14371,"date":"2023-12-08T08:24:47","date_gmt":"2023-12-08T08:24:47","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=14371"},"modified":"2023-12-08T08:24:48","modified_gmt":"2023-12-08T08:24:48","slug":"bitcoin-may-hit-50k-on-altcoin-fud-as-ethereum-solana-beat-gains","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14371","title":{"rendered":"Bitcoin may hit $50K on altcoin &#8216;FUD&#8217; as Ethereum, Solana beat gains"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight.<\/p>\n<p><em>BTC\/USD 1-hour chart. Source: TradingView<\/em><\/p>\n<h2>ETH, SOL step up as Bitcoin takes liquidity<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH\/USD added up to 7.6% in around 24 hours.<\/p>\n<p>Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL) stole attention.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC Binance Spot <br \/>Bids sold into and filled it seems<\/p>\n<p>Decent OI wipe here (Binance \/ Bybit Open Interest &amp; Delta) https:\/\/t.co\/DkWuLfD5gx pic.twitter.com\/0CfnxCzL41<\/p>\n<p>\u2014 Skew \u0394 (@52kskew) December 8, 2023<\/p>\n<p>Eyeing Bitcoin\u2019s share of the overall crypto market cap, popular analyst Matthew Hyland described recent progress as a potential \u201cfalse breakout.\u201d<\/p>\n<p>Dominance hit 55.26% on Dec. 6, in line with the BTC price highs \u2014 the highest reading since April 2021.<\/p>\n<p>\u201cIt would need to close above support to avoid; currently below,\u201d Hyland wrote in part of commentary on X (formerly Twitter), referring to the key 54.35% mark.<\/p>\n<p>At the time of writing, dominance stood below this at around 53.9%.<\/p>\n<p><em>Bitcoin crypto market cap dominance 1-week chart. Source: TradingView<\/em><\/p>\n<p>Some major altcoins took advantage of the situation, with ETH\/USD $2,392 before seeing a modest correction of its own on the day. <\/p>\n<p><em>ETH\/USD 1-week chart. Source: TradingView<\/em><\/p>\n<p>SOL\/USD hit $72.88 on Bitstamp, its highest since May 2022, as investors increased bullish bets on three figures entering in the future.<\/p>\n<p><em>SOL\/USD 1-week chart. Source: TradingView<\/em><\/p>\n<p>Commenting on the current status quo, research firm Santiment nonetheless argued that \u201cFUD\u201d surrounding an altcoin breakout could ultimately help Bitcoin.<\/p>\n<p>\u201cTraders are fearful that #crypto markets may be in a bull trap at the moment,\u201d it reasoned on Dec. 7. <\/p>\n<p>\u201cBut while Bitcoin may have stopped its momentum for the time being, Ethereum and altcoins are blasting off once again. FUD could propel $BTC to $50K if it increases.\u201d<em>Crypto social media volume data. Source: Santiment\/X<\/em><\/p>\n<p>An accompanying chart showed data which covered social media activity for the phrases \u201cbull trap\u201d and \u201cbear trap,\u201d these referring to current crypto price action.<\/p>\n<h2>Keeping the faith on more upside<\/h2>\n<p>Elsewhere, Bitcoin market participants saw encouraging signs in the current BTC price comedown.<\/p>\n<p><strong><em>Related: Bitcoin HODL Waves: 2020 bull market buyers now control 16% of supply<\/em><\/strong><\/p>\n<p>Popular trader Credible Crypto, known for his optimistic perspective on Bitcoin in the current environment, argued that accumulation was ongoing prior to the \u201cnext leg up\u201d for the largest cryptocurrency.<\/p>\n<p lang=\"en\" dir=\"ltr\">Those bids got filled, then we had another set of bids pop up after the initial bounce which also got filled (second green box) and now we have a third set of bids that just appeared below price. <\/p>\n<p>Someone is clearly accumulating $BTC on this dip in anticipation of the next leg\u2026 https:\/\/t.co\/jqc2ETyiTX pic.twitter.com\/qnuo1ZRRgH<\/p>\n<p>\u2014 CrediBULL Crypto (@CredibleCrypto) December 8, 2023<\/p>\n<p>As Cointelegraph reported, however, some believe that a much larger correction is due, this having the potential to return the market to $30,000 or even closer to $20,000 before new all-time highs hit.<\/p>\n<p class=\"post-content__disclaimer\">This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-may-hit-50k-altcoin-fud-ethereum-solana-gains\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight. BTC\/USD 1-hour chart. Source: TradingView ETH, SOL step up as Bitcoin takes liquidity Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH\/USD added up to 7.6% in around 24 hours. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14372,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-14371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14371"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14371\/revisions"}],"predecessor-version":[{"id":14373,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14371\/revisions\/14373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14372"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}