The uptrend seen by the aggregated crypto market throughout January began altering into a full-blown “altseason” in early February, when Bitcoin’s break above $10,000 allowing multiple cryptos including Ethereum, Chainlink, and Tezos to see massive rallies.
Now, analysts are noting that Tezos could be gearing up for a massive movement towards its all-time highs, with its upwards movement today coming about in the face of market-wide turbulence.
This upwards movement would mark a massive extension of the momentum that XTZ has faced over the past several months, and it could allow it to be one of the few cryptos to set fresh all-time highs in the time since the 2018 bear market kicked off.
Tezos to See Further Momentum as the Crypto Market Faces Bearish Trading Session
The past couple of days have been rocky for the crypto markets, with Bitcoin’s recent break below $10,000 leading most major altcoins to similarly see some downwards pressure.
This short-term downtrend accelerated today as Bitcoin fell to lows of $9,400, although its bullish response to this level seems to have revitalized the markets, allowing some altcoins to reclaim key support levels.
Tezos has been one altcoin that has been able to post decent gains today, with it climbing from lows of $2.78 to highs of $3.13. At the time of writing, it is only trading down marginally from these highs at its current price of $3.12.
While zooming out and looking at XTZ’s recent price action, the crypto is still trading down from its 2020 highs $3.60 that were set last Wednesday.
In the near-term, analysts are noting that Tezos could see significantly further upwards momentum that allows it to revisit, and possibly break above, these highs.
Satoshi Flipper – a prominent cryptocurrency analyst on Twitter – spoke about this possibility in a recent tweet, referencing a chart that shows a near-term upside target for the crypto at its year-to-date highs of $3.60.
If Tezos is able to rally up to these levels while Bitcoin and other altcoins face some bear-favoring turbulence, it is highly possible that this uptrend will extend significantly further and allow it to set fresh all-time highs.