It’s been just reported that a new altcoin warning has been just released by a popular analyst. Check out the prediction that Smart Conttraceteer is making.
It’s important to note that he became famous for predicting Bitcoin’s 2018 bear market bottom and now he is issuing a warning to altcoin investors.
New altcoin warning
In a new tweet, he said that he’s derisking his crypto portfolio as the Bitcoin Dominance Index is showing signs that it will pull off a strong rally – this is suggesting the possibility of a deep correction across the altcoin markets in the upcoming weeks.
took profit on a whole bunch of alts, despite how much i love them.
i think btc dominance is going to have a big fuck off bounce from here and wreck them all.
im really not sure atm whether this will be due to alts falling more than btc or whether btc pumps hard and fucks alts. pic.twitter.com/5Escldht0e
— Bluntz (@SmartContracter) February 13, 2021
Someone said: “You don’t think that $btcd is a shit metric due to all the brand new defi vapor constantly coming out and all the ghost chains out there just taking up space. Alt market changes so much day to day that dominance can’t be quantified properly.”
Another follower posted this: “Isn’t the secret to cut the losses and let the winning one run? I will sell when my indicators will tell so.
Gut trading is dangerous…”
A commenter said: “Bitcoin dominance chart has just confirmed a massive bearish divergence on the higher timeframes. Yes, it can bounce a little, but I wouldn’t try to catch a bottom. We will have more altseason.”
Check out more details about the issue in the original article posted by the Daily Hodl.
At the moment of writing this article, BTC is trading in the green and the king coin is priced at $48,713.72.