Bitcoin Consolidates as Analysts Expect Multiple Altcoins to Surge

Bitcoin has once again found support around $8,200 after the upwards momentum it garnered from its recent dip into the $7,000 region faltered. It is important to note that BTC’s recent price action is quite similar to that seen a couple of weeks ago, which likely points to the fact that it is currently caught in a trading range between $7,800 and $8,400.

Although this aforementioned trading range may mark a period of indecisiveness for BTC, one prominent analyst is now noting that he expects multiple altcoins to run white Bitcoin consolidates.

Bitcoin Falls to Established Support Level at $8,200

At the time of writing, Bitcoin is trading down marginally at its current price of $8,200, which marks a slight retrace from its recent highs of just below $8,400.

Bitcoin’s trading range around its current price levels was first formed shortly after it plummeted below $10,000 in late-September, and it has failed to post any type of decisive movement in either direction in the time since this dropped occurred.

Over the past couple of days, however, multiple major altcoins have been able to post notable gains, with XRP surging nearly 10% earlier this week while Ethereum and other alts posted