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Bitcoin technical indicators on the weekly chart show that the price may drop significantly in the coming weeks or months. The moving averages have formed a bearish crossover that could attract a lot of short selling in the coming days.
But if past price action doesn’t matter, Bitcoin is likely to surprise and trap the bears. It’s safe to assume that Bitcoin is at or very close to the bottom. This means that pumps may follow in the near future.
This also means it’s a good time to start shopping for altcoins that are likely to do well in the event of a bitcoin surprise pump. Here are some of the best that are likely to rise if bitcoin rises during the day.
Shiba Inu (SHIB) is a recent top performer and one of the potential cryptocurrencies to watch in the future. The recent move to introduce a burning feature every time you pay something with SHIB means that this cryptocurrency is currently very deflationary.
Besides, being one of the low-cost cryptocurrencies on the market today, Shiba Inu is very attractive to smaller investors who may not have the money to invest in big cryptocurrencies like Bitcoin or Ethereum. target. If Bitcoin rises towards the end of the month, SHIB is one of the top cryptocurrencies with the most profit potential.
Ethereum (ETH) will remain on investors’ radars for the rest of August and most of early September. This is due to the upcoming Ethereum merger. There are many expectations that the merge will trigger a rally for Ethereum, so if Bitcoin rises towards the end of the month, Ethereum could easily surpass it as Ethereum finishes his month above $2000 It’s quite possible.
After years of stagnation, Ethereum Classic (ETC) has started to show significant momentum in recent weeks. This is all thanks to the idea that we can profit from the influx of Ethereum miners that are about to be made redundant by merging. Expectations of a miner moving into his ETC after the merger could drive a surge of investors in his ETC before and after the merger.
Polygon (MATIC) is one of the cryptocurrencies closely related to Ethereum and stands to benefit from the Ethereum merger. This is because the Ethereum integration makes Ethereum heavily dependent on Layer 2 solutions like Polygon. If the merger is successful, investors looking to profit from the flow of transactions to other chains can start buying into Polygon.
Polygon’s buying volume has already increased, indicating that investors may be diving into MATIC at this point. If this trend continues, MATIC is definitely the crypto to watch at the end of this month.
