With $BTC looking quite strong here, there is a chance that it could lead the next leg with a breakout to the upside.
If this occurs, it's possible we see a small window where $BTC leads before alts follow. Leading to an ALT/BTC "capitulation" move.
Let's take $CRV for example. We have left behind this key weekly demand zone on the CRV/BTC pairing that is some ~35-40% below us.
An aggressive impulse on $BTC while alts stagnate a bit could send us down to this zone on the CRV pairing while CRV/USD treads water.
The implication would be that $BTC could see 125-135k before alts like $CRV kick into gear and start moving up themselves.
A scenario like this would close the "open door" of untapped demand below us on CRV/BTC while jiving with the idea of the bottom of CRV/USD already being in without much in the way of a pullback on CRV/USD despite a 30-40% drop on the CRV/BTC pairing.
Note this is just one possible scenario of a few, but it's something I am watching right now due to the strength we are seeing on BTC at this time.
Show original
76.62K
732
The content on this page is provided by third parties. Unless otherwise stated, OKX is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.