A closely-followed crypto strategist and trader is looking at eight crypto assets that could be bottoming out after a brutal sell-off.
The pseudonymous trader known in the industry as DonAlt tells his 159,000 Twitter followers that he’s witnessing what could be the end of the altcoin bear market against Bitcoin (BTC).
“Finally, altcoin capitulation. This shit can go on for much longer than you think. Prices can go down much further than you think. Most coins will go to zero. Many people will lose it all. Some will make shitloads of money. This is what patient alt traders have been waiting for.”
Based on the trader’s charts, EOS (EOS/BTC), Bitcoin Cash (BCH/BTC), TRON (TRX/BTC), Dogecoin (DOGE/BTC), Basic Attention Token (BAT/BTC), Nano (NANO/BTC), Komodo (KMD/BTC), and Grin (GRIN/BTC) could all be facing bearish exhaustion after sharp declines.
Even if these coins have nosedived in valuation against Bitcoin, DonAlt reminds his followers that capitulation does not necessarily mean it’s time to bet on these assets.
“Capitulation = Last step before either:
1) bottoming
2) going to zero.
That said, if you buy early capitulation and capitulation takes the coin down 70%, you’re still fucked when it bounces huge so entries have to be timed well. Good luck.”
The trader says the current altcoin capitulation may be the final crash before a long-awaited boom cycle emerges and sets the market on fire. He cautions that only time will tell.
“If you’ve been following me for a few years, you know I’ve been talking about altcoin capitulation being the last step of their decline.
I’ve been saying it’s outstanding for years now, and it’s finally here. That means I think there is a good chance we’re approaching bottom.”
Featured Image: Shutterstock/Tithi Luadthong