• A widely-followed trader and strategist is warning against investing in altcoins while Bitcoin (BTC) is on the rise.
• The analyst predicts that altcoins will suffer greatly when Bitcoin starts to rally impulsively.
• He believes that focus should be on BTC, targeting it to go above $32,000.
Trader Issues Warning On Altcoins
A well-known trader and strategist is cautioning investors to be wary of investing in altcoins as Bitcoin (BTC) continues to rise. Pseudonymous analyst Credible Crypto has warned his 341,000 followers that altcoins may suffer significantly if BTC initiates an impulsive rally. He says this trend has happened many times before, and suggests that focus should remain on BTC instead of other digital assets.
Altcoin/BTC Pairings To ‘Bleed’ If Bitcoin Rallies Impulsively
Credible Crypto warns that if BTC begins an impulsive move, the performance of altcoin/BTC pairings will be poor compared to most expectations. He explains that this usually happens until BTC reaches a new all-time high, at which point attention and liquidity shift towards lagging cryptocurrencies.
Bitcoin Price Target: $32,000+
The pseudonymous analyst sees potential for BTC to rally above $32,000 if this is the beginning of an accelerated move towards new all-time highs. He advises traders to watch out for any retests of the green zone (prior resistance).
Crypto Market Rally Led By Bitcoin
At present, the crypto market is experiencing a rally led by Bitcoin after it cleared the local supply zone around $30,000 USD. This has resulted in optimistic sentiment amongst traders with many believing that it could reach new all time highs soon.
The opinions expressed by Credible Crypto are not investment advice and investors should do their own research before making any high risk investments in digital currencies or assets . It is also important to note that transfers and trades are at one’s own risk and any losses incurred are the responsibility of the investor themselves .