A widely followed crypto analyst is issuing a warning that altcoins may fizzle out if Bitcoin (BTC) continues its upward momentum.
Crypto strategist Credible Crypto tells his 348,400 followers on the social media platform X that altcoin pumps are going to peter out if the king crypto can continue climbing, though he did not name any specific digital assets.
“In between BTC’s major legs up, when it’s going sideways as it has for the last 24-48 hours, some alts pump. Don’t get caught up in that though as once BTC continues its climb most of those pumps will fizzle out.”
The top crypto asset by market cap has seen a spike in price during the last two weeks, going from $27,196 on October 15th to its current price of $34,042, a 25% increase.
Another crypto analyst, Rekt Capital, highlights the rising altcoins as the crypto markets mount a rally behind Bitcoin. According to Rekt Capital, Bitcoin Cash (BCH) has rallied 25% and is ready to test the area around $100 as support.
“Bitcoin Cash rallied +25%. Picture-perfect retest of the red area as support. Following the path perfectly.”
BCH is moving for $243 at time of writing.
Another altcoin on the rise on Rekt Capital’s radar is decentralized oracle provider Chainlink (LINK). The trader says that while LINK is “killing it,” it is fast approaching an area of historical resistance.
LINK is moving for $10.47 at time of writing.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALL-E 3