BlockBeats news, on May 9, trader Eugene Ng Ah Sio posted on his personal channel: "Multiple charts appear to be nearing a bottom, while Bitcoin remains hovering around $80,000—I believe the market will likely begin its major move, hopefully upward, over the next week or so, with many altcoins also expected to break out of their current trading ranges."
Considering overall trading volume and open interest (OI) levels, most cryptocurrencies now require relatively less marginal buying pressure to drive price increases, leading me to believe that overall market allocation to most assets remains low.
What the market needs now is for Bitcoin to cleanly break through the $80,000 level, followed by key altcoins such as ETH, SOL, and HYPE picking up the momentum to launch a clear new upward trend. Let’s hope we don’t get pushed back here.