• A widely followed trader and strategist is warning on altcoins, predicting that they will underperform Bitcoin (BTC) when it initiates an impulsive rally.
• The analyst says BTC should target $32,000 if the move is the beginning of an accelerated move to new all-time highs.
• He advises that traders should focus on BTC over other altcoins until it reaches a new all-time high.
Warning on Altcoins
A widely followed strategist and trader is issuing a warning on altcoins amid a crypto market rally led by Bitcoin (BTC). Pseudonymous analyst Credible Crypto tells his 341,000 Twitter followers that while altcoins will go up over the short term, they are likely to massively underperform BTC once the flagship digital asset initiates an impulsive rally.
According to Credible Crypto, the underperformance of altcoins relative to Bitcoin typically ends when BTC reaches a new all-time high. “Altcoins look good against US dollar, some look absolutely primed, but BTC still ends up outperforming most of them. This changes at some point. Usually close to (or soon after) all-time highs are broken as new money floods into the laggards. Until then, the attention and liquidity will be concentrated on a rapidly appreciating Bitcoin, which is where your focus should lie (for now).”
Bitcoin’s Price Action
On Bitcoin’s price action going forward, Credible Crypto says he is targeting BTC to rally above $32,000. “Now that we have cleared the local supply zone [around $30,000] where I said we should be cautious, I’m once again bullish on low time frame as well. If this is an impulsive move and the start of our accelerated move to new all-time highs, we should hold the GREEN zone (prior resistance) on any retests. First target, $32,000+.”
Current Price of Bitcoin
Bitcoin is trading at $30,074 at time of writing.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin