According to a crypto analyst, altcoins will explode left and right here with a vengeance
A crypto strategist outlines when he thinks a flood of fresh capital will make its way into the broader altcoin markets.
Pseudonymous analyst Credible Crypto tells his 345,100 X-followers that he is bullish on Bitcoin (BTC) for the moment and for the coming months.
According to the trader, Bitcoin will attract remaining liquidity in the crypto markets, which will cause many altcoins to lose value against BTC in the short to medium term.
“As bullish as I am on BTC right now and for the coming months, I am also bullish on ALT/BTC pairings. A drop of over 50% against BTC will be the norm in my opinion…
The DOGE, SOL, PEPE, and LINK/BTC pairs are representative of how most ALT/BTC pairs currently look. In the last few months of a BTC consolidation, most ALT/BTC pairings have failed to break through the significant bearish market structure and are on the brink of an abyss…
There is limited liquidity in the system and it will tend to do so BTC. 10,000 alts share the liquidity compared to 1 bitcoin and it’s easy to see why most alts will bleed against BTC in this next phase.”
While Credible Crypto is currently bearish on the general altcoin markets, he expects them to come back with a vengeance once Bitcoin hits its all-time high.
“Once BTC breaks previous all-time highs and new money starts pouring in, alts will pop up left and right, BTC dominance will reverse lower for the first time in over a year, and ALT/BTC pairs will surge with a vengeance. I’ll try to move some of mine BTC Holdings in the above alts.”
Credible Crypto takes a contrarian view that Bitcoin will hit a new all-time high this year, which will put off many traders.
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