Bitcoin
Analyst Says ‘Stop Hoarding Altcoins’
On Crypto Banter’s The Ran Show, the analyst noticed Bitcoin at the bottom of its range, testing a support level for the ninth time. He found this worrying as repeated tests can indicate weakness, leading many to fear the end of the bull market. The analyst questioned whether they were still in a bull market or fooling themselves and also stressed the importance of avoiding altcoins.
Looking at the current scenario, he drew attention to the market’s ruthless behavior, shaking out weak hands and making it difficult for even dedicated investors. Despite the 126-day sideways movement, he maintained his conviction and urged caution with altcoins until the market turns around.
Should you avoid altcoins?
According to the analyst, It is crucial to discuss why people should avoid buying altcoins more often. Speaking about recent market conditions, he noted that many believe the altcoin run is over due to Bitcoin’s extended sideways movement and significant losses in altcoins. Despite this sentiment, he highlighted that altcoin runs have occurred regularly historically, noting the recent relative strength in altcoins when Bitcoin has fallen.
Giving specific examples, he mentioned Pendle, which has experienced a sharp decline in TVL (Total Value Locked) recently due to pool maturation, not protocol issues. He emphasized that this drop created a buying opportunity despite the market misinterpretation.
He advised focusing on on-chain data rather than being influenced by Twitter trends. Bringing up a surprising development from FTX, he said that they are offering more money than users originally had on the exchange, suggesting a strong belief in the recovery of funds that could inject a lot of money into the market.
The analyst also discussed Bitcoin’s long-term growth, pointing out that its market cap exceeds that of the world’s largest banks combined and compared it favorably to gold ETF inflows. Reflecting on market sentiment, he mentioned the concept of “hated rallies,” where pessimism often precedes unexpected positive market moves.