Altcoins
Analyst Says ‘Stop Accumulating Altcoins’
On Crypto Banter’s The Ran Show, the analyst noted Bitcoin at the bottom of its range, testing a support level for the ninth time. He found this concerning, as repeated retests can indicate weakness, leading many to fear the end of the bull market. The analyst questioned whether they were still in a bull market or were fooling themselves, and also stressed the importance of avoiding altcoins.
Looking at the current scenario, he brought to attention the cruel behavior of the market, shaking weak hands and making things difficult for even the most dedicated investors. Despite the sideways movement for 126 days, he maintained his conviction and urged caution with altcoins until the market turns around.
Should You Avoid Altcoins?
According to the analyst, It is essential to discuss why people should avoid buying altcoins more often. Speaking about recent market conditions, he noted that many believe the altcoin rally is over due to Bitcoin’s extended sideways movement and significant losses in altcoins. Despite this sentiment, he emphasized that altcoin runs historically occur regularly, noting the recent relative strength in altcoins as Bitcoin has fallen.
Giving specific examples, he mentioned Pendle, which has seen a sharp drop in TVL (Total Value Locked) recently due to pool maturation, not protocol issues. He emphasized that this drop has created a buying opportunity, despite the market’s misinterpretation.
He advised focusing on on-chain data rather than being influenced by Twitter trends. Referring to a surprising development at FTX, he said they are offering more money than users originally had on the exchange, suggesting a strong belief in the recovery of funds that could inject a lot of money into the market.
The analyst also discussed Bitcoin’s long-term growth, noting that its market cap exceeds that of the world’s largest banks combined and compared favorably to gold ETF inflows. Reflecting on market sentiment, he mentioned the concept of “hateful rallies,” where pessimism often precedes unexpected positive market moves.