A well-known crypto trader believes some altcoins could be poised for a comeback once Bitcoin stabilizes.
Altcoin Opportunities After a Dip
The analyst, known as The Flow Horse, suggests that certain altcoins within the top 100, particularly those with high liquidity, might be good buys after dropping 50% in value. He points to POPCAT, a cat-themed meme coin, as a prime example. The Flow Horse recommends setting up alerts for altcoins nearing their 50% retracement levels.
Strong Performers Despite Bitcoin’s Correction
The Flow Horse also highlights Celestia (TIA) and SEI as altcoins demonstrating strength even as Bitcoin’s price corrects, pulling down much of the crypto market.
Bitcoin’s Potential Consolidation and Altcoin Inflow
He predicts Bitcoin will likely consolidate below $100,000, potentially leading to some investors shifting funds from Bitcoin into altcoins. He advises against rushing into trades, suggesting a Bitcoin breather is likely before any significant price surge above $100,000. The hope is that a market consensus forms that lower prices are unlikely, freeing up capital to flow into altcoins.
At the time of writing, Bitcoin is trading at $94,201.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always conduct thorough research and consider your own risk tolerance before investing in cryptocurrencies.
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