A widely followed crypto analyst warns that altcoins could disappear if Bitcoin (BTC) continues its upward momentum.
Crypto strategist Credible Crypto tells his 348,400 followers on the social media platform
“Between the big legs of BTC up, when it goes sideways like the last 24-48 hours, some alts pump. Don’t get carried away with that though, because once BTC continues its climb, most of those pumps will fail.”
The top crypto asset by market capitalization has seen a price spike over the past two weeks, going from $27,196 on October 15 to the current price of $34,042, an increase of 25%.
Another crypto analyst, Rekt Capital, highlights rising altcoins as crypto markets rally behind Bitcoin. According to Rekt Capital, Bitcoin Cash (BCH) does collected 25% and is willing to test the area around $100 as support.
“Bitcoin Cash rose +25%. Perfect retest of the red area for support. Follow the path perfectly.”
BCH is moving for $243 at the time of writing.
Another altcoin emerging on Rekt Capital’s radar is decentralized oracle provider Chainlink (LINK). The trader say that even though LINK is ‘killing’ it, it is rapidly approaching an area of historical resistance.
LINK is moving for $10.47 at the time of writing.
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