2
Crypto analyst Tony Edward said that the recent recovery seen in Bitcoin may not be limited to BTC alone, and that a relief rally could begin for altcoins in the market as well.
According to Edward, Bitcoin is clearly breaking out of its accumulation zone, and strengthening technical indicators on both the daily and weekly charts suggest that the upward movement may continue in the short term.
According to the analyst, Bitcoin’s outlook has improved significantly on the daily timeframe. The fact that the RSI indicator has not yet reached the overbought zone suggests there is still room for upward movement, while the MACD indicates that bulls are beginning to take control. Furthermore, the price breaking above its long-standing accumulation range is considered a significant breakout in momentum. Edward believes this pattern points to a market environment shifting in favor of buyers.
The weekly chart also shows similar positive signals. The RSI starting to move away from the oversold region and the MACD indicator showing bears losing strength, according to the analyst, creates a pattern frequently seen in the early stages of counter-trend rallies. Therefore, Edward interprets the current rise not as a sustained bull run leading to new highs, but rather as a relief movement within the broader bear market structure.
Tony Edward also argued that, based on Bitcoin’s position within the cycle, it is still in “undervalued territory” according to many on-chain models. In addition, he stated that the correlation between Bitcoin and software stocks has increased, and a simultaneous recovery is being observed in both. This is being interpreted as a development indicating that a broader risk appetite may be beginning to return to the markets.
In his assessment of price targets, Edward indicated that the main resistance zone for Bitcoin is between $80,000 and $85,000. According to the analyst, the price could also briefly surge towards the $90,000 level if strong momentum develops. However, Edward stated that investors should keep their expectations controlled, arguing that this move is not a breakout to new all-time highs, but rather a relief rally seen within a bear market. He even suggested that Bitcoin could rise to the $78,000-$85,000 range before pulling back to the $50,000 region and forming the true cycle bottom later.
One of the most striking points in the analyst’s assessment was altcoins. According to Edward, a rebound rally in altcoins can be expected, paralleling the recovery in Bitcoin. The main reasons for this include altcoins having been trading in oversold territory for a long time, being priced at significant discounts, and a highly negative investor sentiment prevailing in the market. According to the analyst, these conditions are creating a favorable environment for upward reaction movements.
Edward stated that signals regarding the altcoin market as a whole are also starting to strengthen. He said that the TOTAL3 chart, which tracks the total market capitalization of crypto assets excluding Bitcoin and Ethereum, shows that the bulls are regaining strength and that the early stages of the rally may be taking shape.
Another positive indicator is the decline in USDT dominance. According to the analyst, a decrease in stablecoin dominance is a classic sign that liquidity is shifting back towards crypto assets. This is a desirable development in the early stages of a market uptrend.
Edward noted that the charts of major altcoins like Ethereum and Solana are also starting to form structures similar to Bitcoin, showing strong reaction setups and improving momentum indicators. He argued that if Bitcoin continues its move towards the $80,000-$90,000 range, altcoins could also experience their own relief rallies.
*This is not investment advice.
cointelegraph.com
cryptonewsz.com
coingape.com