Bitcoin Dips Below $59k: Analyst says ‘Stop Accumulating Altcoins’

On Crypto Banter’s The Ran Show, the analyst noticed Bitcoin at the bottom of its range, testing a support level for the ninth time. He found this concerning, as repeated tests can indicate weakness, leading many to fear the end of the bull market. The analyst questioned whether they were still in a bull market or fooling themselves and also stressed the importance of avoiding altcoins.

Looking at the current scenario, he brought to attention the market’s cruel behavior, shaking out weak hands, and making it hard for even dedicated investors. Despite the sideways movement for 126 days, he maintained his conviction and urged caution with altcoins until the market turns. 

Should You Avoid Altcoins?

According to the analyst, it’s crucial to discuss why people should avoid buying altcoins more often. Talking about recent market conditions, he observed that many believe the altcoin run has ended due to Bitcoin’s extended sideways movement and significant losses in altcoins. Despite this sentiment, he pointed out that altcoin runs historically occur regularly, noting recent relative strength in altcoins when Bitcoin dropped. 

Giving specific examples, he mentioned Pendle, which experienced a sharp decline in TVL (Total Value Locked) recently due to pools maturing, not protocol issues. He emphasized that this drop created a buying opportunity, despite market misinterpretation. 

He advised focusing on on-chain data rather than getting swayed by Twitter trends. Bringing up a surprising development from FTX, he said that they’re offering more money than users originally had on the exchange, suggesting a strong belief in recovering funds that could inject a lot of money into the market.

The analyst also discussed Bitcoin’s long-term growth, pointing out its market cap exceeding that of the world’s largest banks combined and compared it favorably to gold ETF inflows. Reflecting on market sentiment, he mentioned the concept of “hated rallies,” where pessimism often precedes unexpected positive market movements.

Also Read: Top 5 Reasons Why the Crypto Market is Bleeding Today