Bitcoin
This is where your favorite Alts will be retrieved
Analyst George aka Crypto Rus watched his latest analysis video and commented that the market is currently stagnant. Bitcoin it briefly rose to $67,000 but quickly fell to $65,500, suggesting some volatility. However, he said that despite these fluctuations, Bitcoin remains strong, having recently been at $72,000 just 10 days ago. However, the situation with altcoins is more worrying.
The analyst revealed that he checked his portfolio for the first time in weeks and noticed big drops in altcoins compared to Bitcoin. Bitcoin’s dominance has increased and many altcoins, including favorites like Solana, Avalanche, Polygon, and Chainlink, are bleeding heavily. Even AI and gaming projects have fallen.
George advised against giving up on altcoins, but noted that it is not the ideal time to convert Bitcoin to altcoins. Historically, altcoin seasons occur at the end of a market cycle. He highlighted that in the previous cycle, altcoins did not see major gains until the end of 2021, although Bitcoin performed well.
For now, he believes it is a good time to dollar-cost average (DCA) solid altcoins as many of them are expected to recover. However, he warned that converting Bitcoin into altcoins may not be wise at this time, despite the potential for future gains from altcoins.
“Bitcoin fundamentals are solid and market crashes are expected to pass”
Given the recent Bitcoin halving event, the analyst predicts that Bitcoin will begin to show upward movement after September. Factors such as potential rate cuts, the launch of Bitcoin spot ETFs, and the next elections could boost this trend. Until then, Bitcoin’s dominance may continue to increase and altcoins may struggle.
He added that when you hold assets like altcoins, unlike Bitcoin, their value can decrease significantly if Bitcoin’s dominance increases. This means that the overall value of your portfolio in terms of Bitcoin could fall, which is discouraging. The main reason to hold altcoins is to outperform Bitcoin, allowing you to add Bitcoin to your portfolio without additional expenses. People often use meme coins because they can generate substantial returns.
Bitcoin, he believes, will eventually reach new highs, potentially reaching $70,000 or $73,000 soon. However, he sympathizes with those heavily invested in altcoins and meme coins, acknowledging their current difficulties.
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