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Eugene: Multiple Charts Approaching Bottom, Bitcoin Nearing Key Breakthrough, Altcoins May Experience New Uptrend
On May 9, trader Eugene Ng Ah Sio posted on his personal channel, stating, “Multiple charts appear to be nearing a bottom, while Bitcoin is still hovering around $80,000—I believe that in about a week, the market will start to see a significant trend (hopefully upward). Many altcoins are also expected to break out of their current consolidation range. From the overall trading volume and open interest (OI) levels, most cryptocurrencies now require relatively less marginal buying pressure to push prices higher, so I generally believe that market allocation for most assets remains low. What the market needs now is for Bitcoin to decisively break through the $80,000 mark, followed by key altcoins (such as ETH, SOL, HYPE) taking the lead to initiate a new clear upward trend. I hope we don’t get pushed back here.”