Trader Eugene Ng Ah Sio, known for his noteworthy assessments of the cryptocurrency market, stated that many charts are approaching bottom formation and that a strong upward movement could begin in the coming days. According to Eugene, the fact that Bitcoin is trading at critical levels and altcoins are still consolidating could signal a new uptrend.
Eugene, posting on his own social media channel, stated that Bitcoin is currently fluctuating around $80,000, adding, “The market could start a big move in the next week. I hope it will be upward.” The experienced trader also argued that many altcoins appear ready to break out of their current trading ranges.
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Eugene noted that the trading volume and open interest (OI) data in the market were also noteworthy. According to him, at current levels, a smaller amount of new purchases compared to previous periods might be sufficient to push cryptocurrency prices higher. This, he stated, indicates that investors may still be underpositioned in many assets.
According to the analyst, the key element the market needs is for Bitcoin to decisively and strongly break above the $80,000 level. Eugene said that following this breakout, major altcoins, primarily Ethereum, Solana, and HYPE, could take the lead and initiate a new uptrend. However, the trader added that prices should not experience renewed downward pressure.
*This is not investment advice.