Value

Bitcoin

when

The post <a href="https://coinpedia.org/news/bitcoin-dips-below-59k-analyst-says-stop-accumulating-altcoins/" rel="noopener noreferrer nofollow">Bitcoin Dips Below $59k: Analyst says ‘Stop Accumulating Altcoins’</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
On Crypto Banter’s The Ran Show, the analyst noticed Bitcoin at the bottom of its range, testing a support level for the ninth time. He found this concerning, as repeated tests can indicate weakness, leading many to fear the end of the bull market. The analyst questioned whether they were still in a bull market or fooling themselves and also stressed the importance of avoiding altcoins.
Looking at the current scenario, he brought to attention the market’s cruel behavior, shaking out weak hands, and making it hard for even dedicated investors. Despite the sideways movement for 126 days, he maintained his conviction and urged caution with altcoins until the market turns.&nbsp;
Should You Avoid Altcoins?
<a href="https://www.youtube.com/watch?v=5CLYB4XRDwI" rel="noopener noreferrer nofollow">According to the analyst, </a>it’s crucial to discuss why people should avoid buying altcoins more often. Talking about recent market conditions, he observed that many believe the altcoin run has ended due to Bitcoin’s extended sideways movement and significant losses in altcoins. Despite this sentiment, he pointed out that altcoin runs historically occur regularly, noting recent relative strength in altcoins when Bitcoin dropped.&nbsp;
Giving specific examples, he mentioned Pendle, which experienced a sharp decline in TVL (Total Value Locked) recently due to pools maturing, not protocol issues. He emphasized that this drop created a buying opportunity, despite market misinterpretation.&nbsp;
He advised focusing on on-chain data rather than getting swayed by Twitter trends. Bringing up a surprising development from FTX, he said that they’re offering more money than users originally had on the exchange, suggesting a strong belief in recovering funds that could inject a lot of money into the market.
The analyst also discussed Bitcoin’s long-term growth, pointing out its market cap exceeding that of the world’s largest banks combined and compared it favorably to gold ETF inflows. Reflecting on market sentiment, he mentioned the concept of “hated rallies,” where pessimism often precedes unexpected positive market movements.

Bitcoin Dips Below $59k: Analyst says ‘Stop Accumulating Altcoins’

CoinPedia News

Andra artiklar publicerade 4 juli 2024

Investors Gush Over MoonBag’s Staking Rewards, Meanwhile Pepe Coin and Aave Display Bearish Signals

Crypto Mogul Justin Sun Offers To Buy Germany’s $2 Billion Bitcoin Stash

The Best Altcoins to Buy: Render and Arbitrum Face Tough Competition from BlockDAG’s 1300% Price ...

Bitwise Advances Ethereum ETF Filings and Expects to Launch Next Week

Justin Sun To Buy German Government’s BTC Stash To Minimise Market Impact

Long-Term Bitcoin Holders Realize Significant Profits, Contributing to Price Decline

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!