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Thursday, September 28, 2023

Trader Reiterates Warning on Altcoins As Dogecoin Rival Crashes Over 25% in Hours, Updates Outlook on Bitcoin

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A closely followed crypto strategist is issuing another dire warning about altcoins as one Dogecoin (DOGE) rival abruptly plummets.

Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X that Pepe collapsed against Bitcoin (BTC) in just days and other altcoins may soon see similar price action.

“PEPE leading the way with some help from the team. Down 30% against BTC since posting 11 days ago…which alt is next?”

PEPE/BTC is trading for 0.0000000000346 BTC ($0.000000898) at time of writing, down 15.1% in the last 24 hours.

On Thursday, Pepe hit a high of $0.00000112, only to plunge a few hours later to a low of $0.000000825, a 26% drop. The sudden decline coincided with reports that the team behind the project was selling off their holdings of the memecoin.

Next, the analyst weighs in on Bitcoin and predicts BTC’s dominance (BTC.D) will dip down to around 48.46% in September before taking off on a massive trajectory to cross 54% before the end of the year. At time of writing, BTC.D is at 49.17%.

The BTC.D chart tracks the percentage of the total crypto market cap that belongs to the crypto king. Generally, an increasing BTC.D indicates that the liquidity in altcoins is flowing into Bitcoin and driving the alt market down.

“Nothing has changed here. Seeing calls of alt-season, don’t be fooled.

BTC dominance just broke out of a two-year long range and is backtesting the breakout.

There has been NO shift in market structure that justifies flipping bearish on Bitcoin dominance here. My bet? We tap the green zone and continue the rally on Bitcoin dominance, which should coincide with our next major move up on Bitcoin.

If I’m right, and dominance does start skyrocketing to levels we haven’t seen in over two years, you can bet it will be accompanied by some massive green candles.”


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