Top Analyst Says Now is ‘Not the Time to Buy Altcoins’ – Updates Bitcoin Outlook

2023-10-10 16:30

According to crypto analyst Crypto Rover, now is not an ideal time to buy altcoins, with Bitcoin dominance on the rise.

In a recent Twitter thread, Rover argued that with limited retail involvement and VC investment, most altcoins lack funding sources to fuel significant gains.

He believes Bitcoin likely needs to surpass $60,000 to restart the retail FOMO cycle and spark renewed altcoin interest. Historically, Bitcoin dominance drops sharply once it breaks all-time highs.

Rover thinks this milestone could signal conditions prime for investing in altcoins again. But under current circumstances, chasing altcoin upside appears premature.

With Bitcoin dominance rising, most alternative cryptocurrencies have struggled to find buying pressure. BTC remains the least risky option for new capital entering the space.

As the market leader asserts itself, altcoins tend to underperform. Rover advises patience until market conditions flip to favor altcoin speculation again.

Many altcoin proponents await the next bull run’s “altseason” for major profits. But for now, Bitcoin price strength takes priority over risky altcoin bets.

Rover’s take exemplifies prudent caution around chasing altcoin gains before confirmation of a trend change. Savvy investors should watch BTC dominance for signs of its impending decline against altcoins.

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The post Top Analyst Says Now is ‘Not the Time to Buy Altcoins’ – Updates Bitcoin Outlook appeared first on CaptainAltcoin.

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Источник: captainaltcoin.com

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