Cryptocurrency Specialist Liquidates Bitcoins, Outlines Rationale for Doing So
Expert Exits Bitcoin, Anticipates Altcoin Surge
Crypto analyst and influencer, known as Crypto Beast, has announced the sale of his Bitcoin holdings after the digital currency reached a new all-time high (ATH). The move comes as the analyst predicts that Bitcoin's dominance will decline sharply in the coming months, with altcoins poised for significant gains.
In a recent post, Crypto Beast explained that he believes Bitcoin's rally to a new ATH has peaked, and further growth will be limited. In contrast, he expects a 5x to 20x surge for most altcoins he currently holds. He plans to sell his altcoins at their peak and buy back Bitcoin during a potential bear market.
Similarly, crypto analyst Rekt Capital has voiced his opinion on Bitcoin's dominance, suggesting that May might see a retest of 64% as support. He also believes that short-term dips in Bitcoin dominance could still allow altcoins to make gains, but the overall trend points towards further upside for Bitcoin towards the 71% area.
Rekt Capital also predicted that Bitcoin could rally as high as $150,000 by August, implying that the flagship crypto has more room to grow. Veteran trader Peter Brandt echoed this sentiment, suggesting that Bitcoin's upward trajectory is not yet over.
Meanwhile, Crypto analyst Mikybull Crypto has forecasted an impending altcoin season, predicting that altcoins will soon outperform Bitcoin. He believes Ethereum, in particular, is on the verge of a parabolic rally, with a potential target of $3,200.
At the time of writing, the Bitcoin price stands at approximately $107,938, marking a 24-hour dip, according to data from CoinMarketCap.
Additional Insights
Analysts expect Bitcoin's dominance to continue declining, with altcoins poised to gain more attention in the upcoming months. Joao Wedson, CEO of Alphractal, believes a substantial portion of Bitcoin's market cap could transition into altcoins, with several altcoins already outperforming Bitcoin over the past two months.
The Altcoin Season Score remains low at 22, suggesting that Bitcoin still holds significant influence, but the decrease in Bitcoin dominance and the Fear & Greed Index at a neutral 57 indicate a mixed market sentiment. Key altcoins to watch include Ethereum and XRP, which are facing crucial technical challenges but show signs of renewed optimism.
The cryptocurrency market appears to be shifting its focus from Bitcoin to altcoins, driven by a decline in Bitcoin's dominance and the potential for a promising altcoin season. While Bitcoin remains strong and influential, altcoins are gaining traction and could see significant gains in the coming months.
Investors following crypto analyst Crypto Beast's advice may choose to shift their focus from Bitcoin to altcoins, as he anticipates a 5x to 20x surge for most altcoins he holds. Meanwhile, Joao Wedson, CEO of Alphractal, suggests a substantial portion of Bitcoin's market cap could transition into altcoins, hinting at a possible upward trend for these digital assets.
