Top Trader Unveils Best-Case Scenario for Altcoins After Another Big Bitcoin (BTC) Breakout

Bitcoin
dailyhodl.com 1 h    Reading time: ~2 m

The crypto strategist who correctly called this year’s Bitcoin rally is looking at the best-case scenario for altcoins following BTC‘s break above $22,000.

Pseudonymous analyst DonAlt tells his 456,000 Twitter followers that altcoins in their US dollar pairs look “really, really good.”

Although DonAlt is bullish on altcoins against the US dollar, he predicts that these tokens will likely correct against Bitcoin as he expects a strong BTC rally to $30,000.

Once the BTC rally shows signs of exhaustion, DonAlt says that the ensuing consolidation period could trigger capital rotation into altcoins.

“Best case for [altcoins] in my opinion is:

BTC rallies hard nuking BTC pairs (~$26,000-$30,000)

BTC temporarily tops and nukes

BTC dead cat bounces (on lower timeframes) while alts go nuts

Everything resets so we can continue going up.”

Historically, altcoins tend to take the backseat whenever Bitcoin skyrockets. At time of writing, BTC is changing hands for $22,773, up nearly 38% on the year.

Looking at the broader crypto markets, DonAlt says that he sees sidelined capital pouring back into digital assets.

“Bear market rallies are beautiful. Still waiting for $30,000 but we’re getting closer to the point where bears start sweating so much that they might actually convert some stables into BTC/ETH/alts.

I’d like to TP [take profit] my trades into that but just don’t feel like it’s time yet.”



Source

Updated: 01/22/2023 — 12:00

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