Major Cryptocurrencies Are Off to a Slow Start

Bitcoin is notably outperforming altcoins, setting the stage for a potential breakout.

Major cryptocurrencies are displaying a sluggish performance on Tuesday, with Bitcoin (CRYPTO: BTC) notably outperforming altcoins. BTC is currently trading at $99,434 and shows signs of recovery after recent price drops.

Here's a look at what happened and what traders are saying now:

Trader Optimism Despite BTC Price Drops: Jelle, a crypto trader known for his technical analysis, remains bullish on Bitcoin and anticipates a breakout from the recent trading range soon. He highlights that, historically, when Bitcoin experiences a sharp decline like this year's 60% drop from the previous cycle's peak, it's usually followed by a swift recovery.

"We're due for a breakout from this range in the coming weeks or month, setting up the final wave to take us to new highs later this year/early next year."

A Bleeker Twitter poll shows mixed sentiment among traders regarding the possibility of Bitcoin dropping below $100,000. Out of 10,813 voters, 54% expect BTC to continue dipping, falling below the $100,000 mark. However, 46% of traders believe that Bitcoin is poised to reach a new all-time high.

As Bitcoin continues to hover around the $98,000 to $99,000 range, a recent analysis by Michael van de Poppe suggests that a pullback to $97,500 to $98,000 would still be consistent with a broader bullish uptrend.

"Still within the bullish count and setting up for higher highs. A pullback to $97,500-$98,000 would still make sense, setting up the final wave to take us to new highs later this year/early next year."

AlphaBTC, another crypto trader, points out that a correction may have already begun as Bitcoin failed to break through its all-time high and instead started dropping.

"I think we're already in correction territory now as BTC ultimately failed to break the ATH and instead started dropping from it. A short fake-out rally could still happen, but I expect the bulk of the dip to play out into late May, just another opportunity to go shopping."

Crypto Caesar Highlights Deeply Undervalued Ethereum: Crypto Caesar noted that Ethereum (CRYPTO: ETH) is "deeply undervalued" at the moment, and a reversal in the ETH/BTC pair could lead to significant gains, especially for altcoins with high potential.

"We're at a pivotal point for crypto markets. Personally, I'm seeing a deep undervaluation in Ethereum (ETH) and a potential reversal in the ETH/BTC pair, which could spark strong gains, especially for altcoins with high potential."

Crypto Patel Focuses On Key XRP Support Level: Crypto Patel observed that XRP (CRYPTO: XRP) is confirming a bullish monthly structure with the crucial support level at $2.

"The monthly chart for XRP is confirming a bullish structure. Key support at $2 is holding, which is setting up targets at $3.28 and even $10+. A break of this support could invalidate the structure and lead to further declines towards $1.3 and $0.6 on the monthly time frame."

Trader Tardigrade Points Out 20/50 EMA Golden Cross On Dogecoin: Trader Tardigrade has identified a 20/50 EMA Golden Cross on Dogecoin (CRYPTO: DOGE), which might signal the end of its four-month downtrend and the beginning of a new uptrend.

"We have a 20/50 EMA Golden Cross on the 4-hour chart for Dogecoin, which could be signaling the end of its 4-month downtrend and the beginning of a new uptrend. This is a rare occurrence, as the last time we saw it was in March 2022, during the last bull market."

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