A closely followed trader in the crypto space says there may be opportunities for select altcoins once Bitcoin (BTC) stabilizes.
Pseudonymous analyst The Flow Horse tells his Telegram subscribers that the more liquid altcoins within the top 100 could present good entry points for bulls after their 50% dips.
The trader names cat-themed memecoin POPCAT as an example.
“Gentle reminder that alts probably can go a bit lower if Bitcoin does but after this type of mark up the 50% retracement level on liquid top 100 pairs is often a very good level to bid.
I would start creating filters and alerts for charts that are approaching their 50% retracement levels, Popcat is a good example.”
The Flow Horse also says that Celestia (TIA) and SEI are “good examples” of coins that are showing strength despite Bitcoin currently correcting and dragging much of the digital assets markets down with it.
The trader says it’s more than likely that BTC will consolidate under the $100,000 level, with some money flowing out of the risk curve into altcoins.
“Regardless of the near-term outcome, I think you can take one thing from BTC, no need to force anything here, BTC imo is more than likely going to take a little breather anyway before any real move above 100k.
Ideally, the market comes into agreement that we don’t have to worry about much lower prices, or that it doesn’t make sense to yet, and we can see some of the capital that does come out of Bitcoin go into alts.”
At time of writing, Bitcoin is trading at $94,201.
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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 losses 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.
Featured Image: Shutterstock/Mia Stendal/Vladimir Sazonov
