A popular crypto-trader says Bitcoin will only return to bullish territory when the inharmonious relationship between BTC and altcoins is reversed.
The pseudonymous analyst called DonAlt recount its 242,000 subscribers that Bitcoin will continue to stand in volatile ground until altcoins firmly stop outperforming the asset.
In recent weeks, DonAlt points out that the price of Bitcoin has gone down while Altcoins have rallied, a situation that is “not good” and “super unhealthy” according to the trader.
“The pain will only get worse until the disconnect between altcoins and Bitcoin is corrected.
I say altcoins [going] up [and] BTC [going] the bottom is not good.
BTC up + alts up = healthy
BTC down + alts down = healthy
BTC down + alts up = super unhealthy
Need Bitcoin to wipe out altcoins so everything can melt together, or a huge green dildo on both.
The merchant argues that altcoins can only rally to the fall of Bitcoin if the former have compelling use cases, which he notes are not at this time.
“This doesn’t have to be true if we’re in a new paradigm where altcoins do anything. But with the small exception of decentralized finance (DeFi), I haven’t seen much that would convince me. “It’s the new paradigm. It’s still a garbage pump and landfill everywhere you look. Playground retail.”
When DonAlt posted his tweets, Bitcoin had fallen by more than 40%, from its record high of almost $ 65,000 to around $ 35,000. DonAlt believe that buying BTC at the $ 33,000 level presents a significant risk / reward ratio.
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