After another big Bitcoin (BTC) breakout, a top trader reveals the best-case scenario for altcoins.
Following BTC’s break above $22,000, the crypto strategist who correctly predicted this year’s Bitcoin rally is looking at the best-case scenario for altcoins.
DonAlt, a fictitious analyst, tells his 456,000 Twitter followers that altcoins in US dollar pairs look “really, really good.”
DonAlt is bullish on altcoins against the US dollar, but he believes they will correct against Bitcoin as he expects a strong BTC rally to $30,000.
DonAlt believes that once the BTC rally shows signs of exhaustion, the ensuing consolidation period could trigger capital rotation into altcoins.
“In my opinion, the best case for [altcoins] is:
BTC rallies strongly, destroying BTC pairs ($26,000-$30,000).
BTC briefly tops and nukes
BTC is dead cat bouncing (on lower timeframes), while alts are going crazy.
Everything is reset, so we can keep going up.”
Altcoins have historically taken a back seat whenever Bitcoin soars. At the time of writing, BTC is trading for $22,773, up nearly 38% year on year.
DonAlt sees sidelined capital pouring back into digital assets when looking at the broader crypto markets.
“Bear market rallies are stunning. We’re still waiting for $30,000, but we’re getting closer to the point where bears will start sweating so much that they’ll convert some stables to BTC/ETH/alts.
I’d like to TP [take profit] my trades into that, but I just don’t think it’s the right time.”