A crypto strategist is outlining when he thinks a deluge of fresh capital will find its way into the broader altcoin markets.
Pseudonymous analyst Credible Crypto tells his 345,100 X followers that he’s bullish on Bitcoin (BTC) for now and in the coming months.
According to the trader, Bitcoin will lure the remaining liquidity in the crypto markets, causing many altcoins to lose value against BTC in the short to midterm.
“For as bullish as I am on BTC right now and in the coming months, I am equally as bearish on ALT/BTC pairings. 50+% drops against BTC will be the norm, in my opinion…
DOGE, SOL, PEPE and LINK/BTC pairings are representative of what a majority of ALT/BTC pairings look like at the moment. In the past few months of a consolidating BTC, most ALT/BTC pairings have failed to break any significant bearish market structure and are teetering on the edge of an abyss…
There is limited liquidity in the system and it will gravitate to BTC. 10,000 alts sharing liquidity vs, 1 Bitcoin, and it’s easy to understand why most alts will bleed against BTC in this next stage.”
Although Credible Crypto is currently bearish on the general altcoin markets, he sees them coming back with a vengeance once Bitcoin takes out its all-time high.
“Once BTC breaks prior all-time highs and new money starts flooding in, alts will start popping left and right, BTC dominance will begin to reverse to the downside for the first time in over a year and ALT/BTC pairings will rise with a vengeance. I will be looking to shift some of my BTC holdings into the alts mentioned above.”
Credible Crypto holds a contrarian view that Bitcoin will hit a new all-time high this year, leaving many traders on the sidelines.
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- Source: https://dailyhodl.com/2023/08/15/heres-when-altcoins-will-be-popping-left-and-right-with-a-vengeance-according-to-crypto-analyst/
