Bitcoin near key breakout level; analyst predicts new bullish trend for altcoins

According to ME News, on May 9 (UTC+8), trader Eugene Ng Ah Sio posted on his personal channel: “Multiple charts appear to be nearing a bottom, while Bitcoin remains stuck around $80,000—I believe the market will only begin its true major move, hopefully upward, over the next week or so, with many altcoins also poised to break out of their current trading ranges. From overall trading volume and open interest (OI) levels, most cryptocurrencies now require relatively less marginal buying pressure to push prices higher, so I believe overall portfolio allocation to most assets remains too low. What the market needs now is a clean breakout above the $80,000 level for Bitcoin, followed by key altcoins such as ETH, SOL, and HYPE picking up the momentum to initiate a clear new uptrend. Let’s hope we don’t get rejected here.” (Source: BlockBeats)