Bitcoin’s rough December could spark a shift toward altcoins. The digital currency has faced a 2% drop this month, weakening hopes for a “Santa rally.” According to QCP Capital, with Bitcoin struggling below the $100K mark, the market may see a rotation toward altcoins as traders eye new opportunities. “As BTC continues to struggle, we could also see alts start to play catch-up again,” QCP stated.
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Bitcoin Faces Potential Pullback
Some experts predict that Bitcoin could dip to $90K soon, according to CoinDesk. Alex Kuptsikevich of FxPro notes that while a potential shock scenario could send Bitcoin down to $70K, a pullback to $90K is more likely to fuel renewed buying interest. With nearly $20 billion worth of Bitcoin and Ethereum options expiring this week, market volatility is expected to rise, making altcoins more attractive to traders looking for new opportunities.
As Bitcoin’s choppy performance continues, altcoins may find their time in the spotlight. High volatility typically creates profit opportunities for options traders, and altcoins could experience a surge if Bitcoin fails to reclaim higher ground.
At the time of writing, Bitcoin is sitting at $94,460.82.
