Crypto analyst Credible Crypto thinks plenty of battered altcoins could hand out sweeter risk-reward plays than Bitcoin at these levels.
According to him projects sitting 80% to 90% under their peaks might print massive gains once the tide flips.
Building Bases While Eyes Turn to Alts 🖤
Chatting on the July 5 NinjaTrader podcast Credible Crypto said Bitcoin has been sliding on the higher time frame since its $126,000 top back in October last year. Still he sees this dip playing out inside a key support zone instead of cracking the bigger bull run.
The analyst highlighted Bitcoin’s 2024 range between $50,000 and $75,000 noting price has looped back to a zone where buyers stacked up before. As long as it stays above $50,000 he sees this area turning into fresh ground for another leg higher.
He also dropped on-chain tea showing nearly 80% of Bitcoin supply now held by long-term holders the highest ever recorded. Those holders historically kept scooping dips rather than dumping so they slowly soak up coins until prices bounce back.
That view pushed the trader to shift almost all his stack into altcoins after he loaded Bitcoin from $3,000 and stepped off near the $100,000 zone. He reckons Bitcoin could still grind from around $60,000 up toward $250,000 over time yet many alts already sit 80% to 90% off highs which hands them way more upside once vibes improve.
“At this point I think the better bet is on altcoins that are now basically where Bitcoin was when Bitcoin was trading at $3K or $6K or even $15K” he explained. “Many alts are now down 80 to 90% from their highs. Just as that was the best time to buy Bitcoin I think that’s now the best time to buy alts.”
Picking Gems Carefully in This Bullish Vibe 🌑
Even with his optimistic take on alts Credible stressed not every token deserves a comeback. In his eyes most coins out there carry zero real value so he warned against thinking every chart will just revisit old highs because prices are lower.
Instead he tells folks to zero in on projects with actual products active users and solid business models.
“I’m not saying that every single altcoin in the entire market is going to have a massive run because that’s just not realistic” he clarified. “We have now hundreds of thousands of coins in the market and I would say 85-90% of them do absolutely nothing and should not really be existing at this point in time.”
In his take the top 5 or 10% could still deliver 3x or 4x from here in weeks when the moment hits even if they skip their old peaks. Meanwhile Bitcoin needing the same multiplier to reach $250,000 might stretch across months or years. 🕷️
Just another echo from the void by iconofsin.eth 💖
