USDT/KRW Signals Altcoin Accumulation Amidst Bitcoin Rally Hopes
1,520-1,550 KRW presents a key accumulation zone for altcoins, according to analysis of the Tether/Korean Won (USDT/KRW) pair on the Bithumb exchange. The USDT/KRW pair has exhibited a consistent uptrend since February, with moving averages showing a strong bullish alignment on daily and 4-hour charts. While a short-term pullback is possible at current levels, traders are advised to accumulate altcoins over time within this price range. The outlook for May anticipates a significant altcoin rebound, potentially boosted by a Bitcoin “dead cat bounce.” TradingView KR.
Bitcoin’s Potential 90K Surge hinges on Market Psychology
Meanwhile, Bitcoin (BTC) is at a critical juncture, potentially defying widespread bearish sentiment fueled by geopolitical tensions and negative news. Despite pervasive pessimism, the BTC/USDT chart shows Bitcoin positioned within a crucial monthly demand zone, having already seen a notable bounce. Weekly charts indicate BTC remains within a key box range formed by 2021 and 2024 highs, suggesting a definitive breakdown is not yet structurally confirmed. TradingView KR.
On the daily timeframe, BTC appears to be in a standard fourth wave of its Elliott Wave count. Many traders anticipate a fifth wave completion after the 60K low. However, the prevailing analysis suggests this anticipated retest of the 60K low is less probable. Instead, the market may pivot before completing the widely expected final wave down. The maximum expected downside is a brief liquidity sweep around the 62.4K level, followed by a strong bullish reversal. This level is viewed not as a breakdown point, but as a potential catalyst for a reversal that catches the majority off guard, paving the way for a potential ascent above 90K.
A sustained break below 60K would invalidate this bullish thesis, triggering a reassessment of the outlook. For now, the focus remains on the potential for a significant upward move.
What to watch: Monitor the 62.4K support level for signs of a sharp reversal, and observe the USDT/KRW pair for confirmation of altcoin accumulation as an indicator of broader market sentiment shift.
This article is for informational purposes only and does not constitute financial advice.
