The crypto strategist and trader, who has grown his followers after knowing the base of the 2018 bear market of bitcoin, is warning altcoin investors.
What’s in the alerts?
The analyst named Smart Contracter told his 94,800 followers that he discredited the crypto portfolio for showing signs that the Bitcoin dominance index would attract a strong rally and suggested the possibility of a deep correction in the altcoin markets in the coming period.
“I made a profit from a lot of altcoins, despite how much I love them. I’m out of them now. I think BTC dominance will make a big leap from here and ruin them all. ”
Traders rely on the Bitcoin dominance index to predict whether Bitcoin will outperform altcoins. The bullish index is generally not a good sign for altcoin markets because it indicates that altcoins may fall or Bitcoin may rise faster than other altcoins.
Will Bitcoin go up?
The trader’s optimistic mid-term outlook for the Bitcoin Domination index is revealed as the leading crypto asset continues to rise.
In March 2020, when Bitcoin fell below $ 4,000 amid the Covid-19 panic, Smart Contracter said that BTC would eventually recover and jump to $ 50,000.
Today Bitcoin is trading at over $ 47,500.
Meanwhile, analyst friend Michaël van de Poppe is setting key levels for Bitcoin. He says the critical level that must be kept for the flagship crypto asset is around $ 43,000 in support. A move below this range will indicate a deeper reversal to $ 37,000.
If BTC holds the $ 43,000 level, it expects the largest crypto asset to rise to an all-time high.
“In the case of an uptrend, if we hold $ 43,000 and start to strengthen, we can state that the next target zone is between $ 60,000 and $ 63,000.”