Here’s when your favorite alternatives will be recovered

Analyst George aka Crypto Rus watched his latest analysis video and commented that the market is currently stuck in a stalemate. Bitcoin it briefly rose to $67,000, then quickly fell back to $65,500, suggesting some volatility. However, he said that despite these fluctuations, Bitcoin remains strong, having recently been at $72,000 just 10 days ago. However, the situation for altcoins is more worrying.

The analyst revealed that he checked his portfolio for the first time in weeks and noticed sharp drops in altcoins versus Bitcoin. Bitcoin’s dominance has increased and many altcoins, including favorites like Solana, Avalanche, Polygon, and Chainlink, are bleeding heavily. Projects in the fields of artificial intelligence and gaming are also declining.

George advised against giving up altcoins, but noted that it is not the ideal time to convert Bitcoin to altcoins. Historically, altcoin seasons occur at the end of a market cycle. He pointed out that in the previous cycle, altcoins did not see major gains until the end of 2021, even though Bitcoin had performed well.

For now, he believes it is a good time to turn dollar-cost averaging (DCA) into solid altcoins, as many of them are expected to recover. However, he cautioned that converting Bitcoin into altcoins may not be wise at this time, despite the potential for altcoins’ future gains.

“Bitcoin fundamentals are strong and market declines are expected to pass”

Given Bitcoin’s recent halving, the analyst predicts that Bitcoin will begin to show an upward movement after September. Factors such as potential rate cuts, the launch of Spot Bitcoin ETF, and the next elections could favor this trend. Until then, Bitcoin’s dominance may continue to increase and altcoins may struggle.

He added that when holding assets like altcoins, unlike Bitcoin, their value can decrease significantly if Bitcoin’s dominance increases. This means that the overall value of your wallet in terms of Bitcoin can decrease, which is disheartening. The main reason for holding altcoins is to outperform Bitcoin, allowing you to add Bitcoin to your portfolio without additional expenses. People often FOMO choose meme coins because they can produce substantial returns.

According to him, Bitcoin will eventually hit new highs, potentially reaching $70,000 or $73,000 soon. However, he empathizes with those who invest heavily in altcoins and meme coins, recognizing their current difficulties.

Read also: Shiba Inu Hits Monthly Low Amid Declining Interest in Whales: Will Bulls Gain Control of SHIB Price?

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