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Don’t Jump-In to Buy Altcoins when Bitcoin (BTC) Price Bottoms, Says Popular Analyst! 

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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May 30, 2022

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Highlights

    Each time when Bitcoin bottoms, Altcoins gain momentum to surge high and hence intensifying the possibility of AltSeason

    The current phase showcases a diverse trend as altcoins are feared to drop hard, dragging the net worth towards the bottom

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. 

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. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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