Cryptocurrency markets are trading sideways on Friday as Bitcoin continues to trade below the $118,000 mark.
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Trader Notes: Crypto trader Jelle emphasized the importance of a weekly breakout for Bitcoin, suggesting it could trigger a surge in bullish momentum or mark a key trend reversal.
He expressed growing excitement about the upside potential if BTC can break from its current range.
In another X post, Jelle pointed out that Bitcoin may remain range-bound over the weekend, but a sharp breakout could occur early next week.
He warned that such a move could lead to a temporary pullback in altcoins, creating ideal dip-buying opportunities, a classic sign of capital rotating back into Bitcoin.
CrediBULL Crypto analyzed analyzed Bitcoin's Elliott Wave structure, noting that the 4th subwave correction appears near completion.
According to him, the impulsive 5th wave, typically a strong upward move, is still in play, hinting at an imminent breakout once this consolidation resolves.
Bitcoin.com News reported that Bitcoin dominance has slipped to a 4-month low, even as Ethereum, XRP, and other altcoins surge.
This signals that traders are rotating profits from Bitcoin's all-time highs into altcoins, a typical hallmark of a summer altcoin season.
While Bitcoin is still expected to rally again, the current price action favors alts in the short term.
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