A popular crypto trader says Bitcoin will only return to bullish territory when the inharmonious relationship between BTC and altcoins is reversed.
The pseudonymous analyst who goes by the name DonAlt tells his 242,000 followers that Bitcoin will continue to stand on shaky ground until altcoins firmly stop outperforming the asset.
[adinserter block="1"]In the past few weeks, DonAlt points out that Bitcoin’s price has been falling while altcoins rallied, a situation which is “no good” and “super unhealthy,” according to the trader.
“Pain will only get worse until the disconnect between altcoins and Bitcoin fixes itself.
I’m saying that altcoins [going] up [and] BTC [going] down is no good.
BTC up + alts up = healthy
BTC down + alts down = healthy
BTC down + alts up = super unhealthy
Need Bitcoin to wipe out altcoins so that everything can bottom together, or a massive green dildo on both.”
The trader argues that altcoins can rally as Bitcoin falls only if the former have compelling use cases, which he notes, is not the case at the moment.
“That doesn’t have to be true if we’re in a new paradigm where altcoins accomplish something. But with the small exception of decentralized finance (DeFi), I haven’t seen much that would convince me that this is the new paradigm. It’s still trash pump and dumps everywhere you look. Retail playground.”
When DonAlt issued his tweets, Bitcoin had fallen by over 40% from its record high of nearly $65,000 to around $35,000. DonAlt believes that buying BTC at the $33,000 level presents a major risk-to-return ratio.
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