October 31, 2023
A widely followed crypto analyst has issued a warning about the future of altcoins in the crypto market. The analyst, known as Credible Crypto, believes that if Bitcoin (BTC) continues its upward momentum, altcoins may fizzle out. While not mentioning any specific digital assets, Credible Crypto cautions investors not to get caught up in altcoin pumps that occur when BTC is going sideways between major price increases.
Bitcoin, the top crypto asset by market cap, has experienced a significant price spike in the last two weeks. Its price has increased by 25%, going from $27,196 on October 15th to its current price of $34,042. This surge in price has led to a rally in altcoins, as highlighted by another crypto analyst, Rekt Capital.
Rekt Capital points out two altcoins that are gaining momentum in the market. Bitcoin Cash (BCH) has rallied 25% and is poised to test the $100 support level. Meanwhile, Chainlink (LINK), a decentralized oracle provider, is also experiencing growth. However, it is approaching an area of historical resistance.
While altcoins are currently benefiting from Bitcoin's price increase, there is a warning that they may not sustain their momentum if BTC continues to climb. Investors should be cautious and conduct their own research before making any high-risk investments in altcoins or digital assets. It is important to note that the opinions expressed in this article are not investment advice, and any losses incurred are the responsibility of the individual investor.