Trader Eugene Ng Ah Sio: Bitcoin Near Key Breakout Level as Altcoins Show Bottoming Signals

Crypto trader Eugene Ng Ah Sio said on May 9 that multiple charts across the cryptocurrency market are showing signs of bottoming out, with Bitcoin hovering around $80,000 and altcoins positioned for a potential breakout from their current trading ranges."Multiple charts look like they're close to bottoming out," Ng Ah Sio wrote on his personal channel. "Bitcoin is currently hovering around $80,000 — I think the market will start a real big move, hopefully upward, in the next week or so, and many altcoins are also expected to break out of their current trading range."Why the setup looks favorable: thin positioning and low open interestThe trader's bullish lean is rooted in market structure rather than price momentum alone. Ng Ah Sio pointed to overall trading volume and open interest levels as evidence that most cryptocurrencies currently require relatively little marginal buying pressure to move prices higher — a setup that can amplify upside moves when they do occur.His read is that market participants remain underallocated to most crypto assets at current levels, meaning there is room for significant capital to rotate in without hitting heavy resistance from existing positioning.The trigger Bitcoin needsDespite the constructive setup, Ng Ah Sio was clear about what the market needs to confirm the move. Bitcoin must break through the $80,000 level cleanly and decisively — not just touch it and retreat. A definitive break above that level, he argued, would be the catalyst that unlocks the broader altcoin rally he is anticipating.He identified ETH, SOL, and HYPE as the key altcoins to watch, noting that these assets taking the lead and establishing a clear upward trend would be the signal that a new market cycle leg is underway.The riskNg Ah Sio acknowledged the scenario does not play out automatically. His concern is that Bitcoin gets pushed back below $80,000 before a clean breakout is established — a failure that would likely delay or invalidate the altcoin setup he is tracking. The difference between a sustained breakout and another rejection at this level, he suggested, will define whether the next major move is up or whether the market needs more time to build a base.