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DonAlt, Crypto Analyst Says That Altcoins May Suffer As Bitcoin Makes Bull Moves

Popular crypto analyst DonAlt says that the altcoin market may suffer a little as Bitcoin (BTC) makes bullish moves.

More so, DonAlt while writing in the latest TechnicalRoundup newsletter. He notes how the Bitcoin futures exchange-traded fund (ETF) will propel Bitcoin to a bullish upward trend.

“Overall, our view is that new all-time highs are likely…”
“and that any dips into reclaimed support, specifically the confluent daily and weekly area…”

Then, DonAlt explains further,
“around $56,000-$58,000, are opportunities to position for new highs.”

Furthermore, DonAlt says he will make any predictions for altcoins yet. However, He believes that the major crypto assets will steal the show the altcoin markets.

More so, he explains.
“First, if Bitcoin breaks out, we expect a puke in altcoins as holders sell them to catch the move…”
“This will likely cause a liquidation cascade in the short term and set up a really nice mean…”
“reversion play for when the Bitcoin breakout stops printing [green candles].”

Additionally, DonAlt adds.
“As such, for experienced practitioners, buying the turbonuke in…”
“altcoins for a short-term bounce as the liquidations…”
“settle is an idea we’re following closely.”

Lastly, DonAlt says that altcoins could become more attractive once Bitcoin finishes its breakout and consolidates into a range.

“To summarize, we don’t like altcoins as long as the majors look like they’re going to…”
“print big candles (hopefully green ones) at any moment…”
DonAlt continues,
“If they do, altcoins will become attractive either on a post-liquidation bounce basis,…”
“or on a larger rotational basis once the dust has settled…”
Then, DonAlt concludes,
“Now is a good time to do your research on coins, ecosystems, compile watch lists,..”
“mark levels, etc. in search for some discounts, should the market be so generous.”

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.