Bitcoin Price Milestones are All the Craze, But Now Altcoins Start to Amaze!
📊 #Bitcoin's +13% price run in the past week has led traders to speculate numerous new support and resistance milestones, with #50K widely anticipated. Ironically, as these price levels have been surpassed #altcoins have flipped the script in the opening hours of the weekend as the crowd became overly focused on $BTC's price. The trend throughout the #bullcycle that started back in October has been:
1) #Bitcoin enjoys isolated pump, crowd becomes $BTC dominant
2) Profits get distributed into #altcoins, crowd gets greedy
3) #Bitcoin retraces mildly, #altseason ends much more sharply than the $BTC fall
Monitor how the crowd responds to this 2nd step in the cycle this weekend, and whether we begin to see rising open interest levels on speculative #alts. If so, step 3 likely comes quickly.
Conversations (0)