- Bitcoin surged past $71k on Wednesday, awakening the crypto market.
- Total 3’s setup suggests altcoins are preparing for a surge, in line with the emerging bull run.
- Many altcoins started rallying, with BNB reaching a new ATH at $716.2.
Bitcoin (BTC) surged above $71,700 on Wednesday, and Crypto Banter presenter Sheldon the Sniper believes the crypto market is reawakening with vigor. In a video, Sheldon emphasized how Bitcoin’s price movement triggered a short squeeze across altcoins, leading to strong market performance for many.
The crypto analyst showcased the “Crypto Total Market Cap Excluding Bitcoin and Ethereum (Total 3)” in his analysis, revealing the metric’s potential upward trajectory. Traders use Total 3 chart to gauge altcoin performance relative to Bitcoin, providing insights into investor sentiment and capital flows between BTC and altcoins.
With Bitcoin nearing its All-Time High (ATH), Sheldon asserted that it would soon enter the “optimism stage,” where the flagship crypto could experience parabolic moves. He compared BTC’s recent price action to the last bull cycle, suggesting a similar scenario could unfold. He encouraged traders/investors to prepare their portfolios for a potential bull run.
Having confirmed Bitcoin’s bullish setup, Sheldon noted that altcoins were poised to follow suit. He cited decreasing Bitcoin dominance and the already-rallying Total 3 as key indicators of an impending altcoin rally.
Meanwhile, many altcoins have already begun displaying bullish signals, as Sheldon demonstrated using the “banter bubbles.” Altcoins like UNI, ORDI, and FLOKI have posted impressive gains. The analyst highlighted Solana’s performance, noting how its token, SOL, has begun to surge. However, he attributed SOL’s rally to the influence of Solana-based tokens, advising those interested to monitor them closely.
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