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The cryptocurrency market is finally getting back on its feet after a massive flash crash that took place on Sept. 24. According to data provided by CoinStats, Bitcoin is up 4.55 percent with top altcoins also remaining in the green territory.
"Not out of the woods"
Despite the solid price move, Josh Rager claims that the top coin is not out of the woods yet. In order to maintain its bullish momentum, the BTC price has to print a daily close above the $8,750 level. Otherwise, the bulls should lower their expectations for their short-term gains.
There is a suggestion that the Bitcoin price could have formed a triple bottom, a bullish reversal pattern that shows three failed attempts at printing new lows. If the pattern gets confirmed, the bulls can easily win back the $9,000 level.
All eyes on altcoins
Surprisingly enough, Bitcoin isn't at the center of the conversation amidst this crypto market rally. XRP is stealing all the spotlight since the token appears to be on the cusp of a major bullish move that could be on par with its rally in December 2017. "Crypto Welson" says that he expects a big move if the XRP price holds above its current support. He further adds that XRP holders have been waiting for this move for this for years.
Meanwhile, Ethereum, the biggest altcoin by market cap, is also up by almost eight percent, moving closer to the psychologically important $200 target.
This time, it seems like an alt season is really coming.