Crypto Analyst: Ethereum, XRP and Altcoins Poised for Major Rally As Bitcoin (BTC) Dominance Drops
A crypto analyst and self-proclaimed “whale whisperer” says Ethereum, XRP and the altcoin market at large may be poised for a major rally.
The analyst, who goes by the name Beastlyorion, tells his 57,000 followers on Twitter that Bitcoin’s dominance of the overall crypto market is testing support at around 66%.
If it breaks, he expects altcoins to “rally harder than you ever could have imagined.”
Time to pay attention! O_O pic.twitter.com/pXsvbYwiRD
— Beastlorion (@Beastlyorion) November 13, 2019
Fellow analyst Willy Woo is cautioning his crew of 113,000 followers to watch out for the vast majority of altcoins, which he says lack the liquidity necessary for them to be solid investments.
“HODLing altcoins in 2017 use to be speculating on a technological dream while driving a Lambo.
HODLing altcoins in 2019 is like reading through regulatory compliance documents for a large enterprise while checking you have enough change for a bus to get home.”
Coinmarketcap lists 4978 coins. Here's the top 50 by volume. Below the top 40 doesn't even register i.e. 4938 coins are illiquid.
Investors want liquidity at entry and liquidity on exit. Very few coins have credible liquidity to be good investments. pic.twitter.com/3kXgn3NWjV
— Willy Woo (@woonomic) November 13, 2019
Daily analyst Josh Rager tells his 59,000 followers that Bitcoin’s price remains king.
“Alts are directly correlated to Bitcoin.
If the price goes south, diversifying into alts will only make things worse. If you want hedge, learn how to use futures or options to your advantage.
Diversification in crypto is not strategy – majority of portfolio should be BTC.”
In the short term, analyst Filbfilb tells his collective following of 39,000 on Telegram and on Twitter that he thinks Bitcoin could suffer a further breakdown.
“Looks like we need to go lower. Getting signs to flip short but waiting on candle closes.”
Right now, Bitcoin is down 1.28% at $8,703, according to CoinMarketCap at time of publishing.