Bitcoin and Ethereum will trigger a “liquidity vacuum” in altcoins in the short term, according to the crypto analyst. According to the analyst, investors should focus on Bitcoin (BTC) and Ethereum (ETH) right now. Details cryptocoin.com‘in.
Where is Bitcoin evolving?
Analysts known as Cred and DonAlt say the top two cryptocurrencies by market cap are still looking good after hitting all new ATHs recently. Analysts: “The market has been retested and closed the crucial weekly support above $58,000. Techniques are on the rise,” he says. In terms of BTC’s ‘worst case scenario’, Cred and DonAlt say that in the event of a breakout, traders should look for strength around $50,000. They think that if Bitcoin loses this level, the uptrend of BTC will end. But they think Bitcoin looks strong and advise investors to look for clean, round numbers like $70,000 or $80,000 for a move higher. Analysts say:
The S&P 500 is steadily making new highs, so the likelihood of associated weakness as a result of traditional markets rolling is reduced. While the lack of momentum has some participants worried, it is difficult to dip above support and at an all-time high. If the evidence changes, we change our minds.
However, DonAlt and Cred are less optimistic about altcoins in the short term. Analysts: “Given that the majors are on the move, our attitude towards altcoins is moderate at best. We expect Bitcoin and Ethereum volatility to create some kind of liquidity gap between altcoins, at least in the short term.” On the other hand, it is necessary to listen to DonAlt, an analyst known for keeping Bitcoin predictions. He himself knew the $ 6,100 on March 28. DonAlt predicted Bitcoin’s 44% rally at the beginning of January and successfully pinpointed the peak on February 12, when BTC rose above $10,300.
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