- George advised against giving up on altcoins but noted that it isn’t an ideal time to convert Bitcoin into altcoins.
Analyst George aka Crypto Rus took to his latest analysis video and commented that the market is currently stuck in a rut.
Bitcoin briefly surged to $67,000 but quickly dropped back to $65,500, hinting at some volatility. However, he said that despite these fluctuations, Bitcoin remains strong, having recently been at $72,000 just 10 days ago. However, the situation for altcoins is more troubling.
The analyst revealed that he checked his portfolio for the first time in weeks and noted major declines in altcoins compared to Bitcoin.
Bitcoin dominance has increased, and many altcoins, including favorites like Solana, Avalanche, Polygon, and Chainlink, are bleeding heavily. Even projects in AI and gaming are down.
George advised against giving up on altcoins but noted that it isn’t an ideal time to convert Bitcoin into altcoins.
Historically, altcoin seasons occur at the tail end of a market cycle. He pointed out that in the previous cycle, altcoins didn’t see major gains until late 2021, even though Bitcoin had been performing well.
For now, he believes it’s a good time to dollar-cost average (DCA) into solid altcoins, as many of them are expected to recover.
However, he cautioned that converting Bitcoin into altcoins might not be wise at this moment, despite the potential for future altcoin gains.
“The fundamentals of Bitcoin are solid, and the market dips are expected to pass.”
Given the recent Bitcoin halving event, the analyst predicts that Bitcoin will start showing upward movement after September.
Factors such as potential rate cuts, the launch of Bitcoin spot ETFs, and the upcoming elections could drive this trend.
Until then, Bitcoin dominance may continue to rise, and altcoins might struggle.
He added that when you hold assets like altcoins, unlike Bitcoin, their value can decrease significantly if Bitcoin dominance rises.
This means your overall portfolio’s worth in Bitcoin terms can drop, which is disheartening.
The primary reason for holding altcoins is to outperform Bitcoin, allowing you to add Bitcoin to your portfolio without additional spending.
People often FOMO into meme coins because they can yield substantial returns.
Bitcoin, he believes, will eventually hit new highs, potentially reaching $70,000 or $73,000 soon. However, he empathizes with those heavily invested in altcoins and meme coins, acknowledging their current struggles.
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