Bitcoin is indeed not quite bullish in the market. It tested below $10,000 support level few hours ago, but now changing hands above the support. There is tendency for more dumps as majority of the crypto analysts retract from bullish sentiments. This situation made an analyst to notify Altcoins’ holders to be ready for devastating price dump if BTC plummets to $6,000 or $5,000 price region.
Alternative cryptocurrencies such as the ones in the top 10 are on the major downtrend with Bitcoin in the market. They have all lost a huge part of their values since the start of the significant price plummet. The likes of Ripple XRP, Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) continue to dwindle in respect to BTC’s price dump.
Some days ago, Bitcoin kept the hope of attaining more 2019 price highs after surpassing $13,800, and on the verge of breaking above $14,000 resistance level. The aftermath of the correction wasn’t a good story to tell. BTC dropped as low as $9,800, before the resurgence that took it to test $13,000 once again.
At this stage, there were bullish predictions for Bitcoin, and the digital currency kept exhibiting signs of being on the course of surpassing its price all-time high. However, BTC proved otherwise, as it started to plunge below.
This retraction adversely affected the growth of other digital currencies. The top coins started losing their footings at the top in tons. Ripple XRP has lost almost 10 Cents, Ethereum (ETH) lost relatively $120, Litecoin (LTC) almost $30, while Bitcoin Cash (BCH) subjected to downtrend pressure, losing more than $130 in the process.
Bitcoin is struggling to regain its surging trend, striving to hold $10,500 as support. At the time of writing, BTC is trading at $10,582.2, with 0.05% price upsurge in the last 24 hours.
More Dumps for Bitcoin Is Bad for Other Cryptocurrencies
The impact of Bitcoin on other digital currencies has always been notable, and this is expected to keep up as long as possible. This possibly fueled the courage of an analyst to itemize the price stature to expect of some altcoins if BTC eventually drops to $6k or $5k price region.
Founder & CEO of Hemp360, identified on twitter as WolfmanKnows recently shared a message he tagged as “Unwanted truth”. He sentimentally stated that more price dumps for Bitcoin could make Ripple XRP to trade as low as $0.15, $5 for Litecoin (LTC), $0.5 for EOS, $5 for Ethereum (ETH) and $0.05 for Cardano (ADA).
Unwanted truth$BTC pump was the final stage to cause capitulation
This pump if dumped to 6-5k & below will #rekt all alts
$0.15 $XRP isn’t impossible at this point
$5 $LTC is on track
$0.50 $EOS oh yes
$5 $ETH might just happen
— WolfmanKnows (@WolfmanKnows) July 15, 2019
However, his supposed unwanted truth could sound strange and impossible, but considering the fact that Bitcoin was once trading below $100 mark before it grew in value makes his bearish thought possible. In a nut shell, traders must trade wisely and investors have to invest carefully.