After a brief rally Bitcoin has slid below $45K and is trading at $43K level. ETH too trades in red around the $3K level. In tandem with the market leaders, all the coins too have erased their recent gains and are trading in red. However, the overall market outlook remains bullish.
As Bitcoin (BTC) continues to rise, a leading crypto analyst and trader has issued a warning that Ethereum (ETH) and other altcoins may see poor performance.
Credible, a pseudonymous analyst, informs his 307,500 Twitter followers that he believes Bitcoin is in the midst of its fifth-wave rise, which might lead to a new all-time high of $80,000.
According to the crypto analyst, altcoins will suffer during this surge because Bitcoin attracts the majority of the crypto market’s liquidity. He says, before it’s all done, BTC outperforms during the early stages of our last fifth wave impulse, alts steal the show as BTC tops, and dominance reaches a new all-time low.
Altcoins to Take a hit
Credible also claims to be watching Ethereum vs. Bitcoin (ETH/BTC) as a barometer for how altcoins will perform in the short run.
ETH/BTC has now closed UNDER the green level, indicating that the breakout was most likely a ruse. More bad news is on the way. This corresponds to [the] idea that BTC is preparing for a run, with alts taking the brunt of the damage.
Now that Bitcoin has recovered from its 90-day low of $33,184, Credible expects that all eyes will be on the cryptocurrency.
He says if we do break out soon, BTC is going to suffocate in the short/mid term (coming weeks).
“As tempted as I am to invest in inexpensive alts today, I believe the best course of action is to focus on BTC for now and alts later.”
