Don’t Jump-In to Buy Altcoins when Bitcoin (BTC) Price Bottoms, Says Popular Analyst!
The 2021 bull run displayed a diversified trend of Bitcoin price rising and smashing ATH and later calming down. This was further followed by a rise in a majority of Altcoins where-in a bull run of some altcoins fueled the Altseason. However, currently, it is not the same as previous. Despite the Bitcoin(BTC) prices are consolidating at the bottoms, it is said that it not the right time to accumulate Altcoins!
Is the Bitcoin price yet to hit the bottom? If yes, where could be these levels? And what about Altcoins which are already tanked above 90% from their highs?
Bitcoin prices after hitting the bottom at around $26,700 in the recent past, is hovering around the same levels since then. Moreover, each attempt of regaining levels above $30,000 is all going in vain. At the same time, altcoins are becoming weaker and weaker as with a 2%-3% plunge in BTC price, Altcoin slash hard by more than 8% to 10%. And hence if Bitcoin maintains its consolidation after a drastic plunge, it indicates the bottom is yet to be tested.
Therefore, in an uncertain environment like the present one, traders should not jump on to Altcoins, just because BTC prices have bottomed. And hence a popular analyst believes this bottom will look different from the past ones that may cause more pain.
Does bottom = ETH bottom, BTC bottom, or networth bottom? I think there will be less consensus on the semantics this time.In past cycles, these terms all moved relatively close together.This time around, we'll likely see BTC bottom while alts + networth continue to dump— Altcoin Psycho (@AltcoinPsycho) May 28, 2022
The analyst here believes that the altcoins are on the verge to get crushed hard and hence the traders if jump on here could face losses. This cycle is expected to squeeze out the assets to the maximum, not being forgiving. And hence the bottom here may not be because of BTC bottom or ETH bottom but the net worth bottom.
Therefore, in this cycle, one can expect Bitcoin (BTC) price to bottom hard and the altcoins could continue to dump. And hence the total net worth may also be drowning in the sinking ship. However, the markets may be facing some issues with liquidity which may fuel the markets towards the bottoms ahead.Source