Analyst: Bitcoin’s Price Back on Track, but Altcoins Will See “Relentless Selling & a Huge Move Down”
- Crypto analyst MagicPoopCannon says it’s time to buy the dip
- Minor altcoins to have the most painful phase of capitulation says crypto trader DonAlt
In the last 24-hours, we saw Bitcoin going to $5,960 level only to take a drop to $5,670 just as we entered into the next day. The drop of approximately $230 occurred in just about half an hour after the news of Binance being hacked and the loss of 7000 BTC amounting to just above $40 million broke.
Crypto market that has been enjoying a good day of green yesterday, today turned all red. From the high of $189.4 billion yesterday, the total market cap fell down to $182 billion just after Binance hack.
However, despite this, the market stayed strong and started moving upwards. BTC/USD is back above $5,800, currently trading at $5,828 level while total market capitalization is at $184.6 billion.
Where are we Going from here?
Experts have been calling out for Bitcoin to jump above $6k and then see a correction, however, Binance hack might have put a bump into those trends.
Crypto analyst, Magic Poop Cannon says after recently printing the golden cross, Bitcoin closed above the weekly 50 MA which he says is the time to buy the dip because “Those are historic signs that the next bull market is beginning, and they definitely shouldn't be ignored.”
— Jonny Moe (@JonnyMoeTrades) May 7, 2019
Meanwhile, crypto trader and investor DonAlt says if the flagship cryptocurrency does manage another leg up, the minor altcoins will start their “last and most painful” phase of capitulation for the holders.
“A couple of weeks of relentless selling & a huge move down would make a lot of sense looking at the charts,” added DonAlt.
Meanwhile, crypto analyst Galaxy is of opposite views as he says the next few hours would be the only time to buy the altcoins “at a discount” as the buying pressure will send them skyrocketing.
Probably less than 48 hours to buy altcoins at a discount.
— Galaxy (@galaxyBTC) May 7, 2019
Galaxy’s assessment coincides with the correction Bitcoin will be seeing that could see the profits move from BTC to different altcoins.