A popular crypto trader and analyst says three altcoins will roar back to life after Bitcoin reaches its bottom.
The analyst, known in the industry as Flood, tell his 87,000 Twitter followers that he’s optimistic about BTC, but remains cautious about the short-term path ahead knowing many large investors have already placed their bets and entered the market.
“Here are the levels I’m looking at. If $17,400 breaks I think we’re still bullish, but the creeping up of deriv v spot as well as larger players having bought already makes me err on side of caution at these levels. I want to avoid getting chopped up before we break $20,000.”
Flood accurately predicted the broader crypto market’s current retracement on December 4th, before Bitcoin began its move to a recent low of $17,638.
Looking forward, the analyst says he expects three altcoins to surge once the market rebounds.
— Flood (@ThinkingUSD) December 12, 2020
Flood says traders should stick to the basics when assessing the market.
He warns against getting too caught up in complex technical trades, especially in the volatile and story-driven world of cryptocurrency.
“Whenever I get bored and try to make cute, very complicated trades according to models some 20-year-old physics grad drafted up for me is when I tend to torch the most money. Markets, especially crypto, are very narrative driven and tend to trend hard or not at all.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Tithi Luadthong