Crypto Analyst Alerts: Potential Major Impact on Altcoins if Bitcoin Descends Past Key Threshold
Crypto Expert Jason Pizzino Sounds Alarm for Altcoin Investors
During a recent strategy discussion, Pizzino informed his 290,000 YouTube followers about the potential impact of Bitcoin's (BTC) price fluctuations on altcoins.
He observed, "Currently, Bitcoin seems to be retesting the [$26,700] mark. A further decline could see it approach $26,000 and possibly even $24,900. If it reaches the monthly 50% level of $23,600, it would undoubtedly spell trouble for altcoins. Ethereum (ETH), though unique, is also facing challenges."
The trader posits that a fall in altcoin values could lead many traders to shift a portion of their alt investments to BTC, providing support and mitigating Bitcoin's decline.
He explains, "If Bitcoin breaks the $26,700, marking a drop below 50%, altcoins will likely face challenges too. They are already showing signs of decline in their USD values and are attempting to maintain their relative BTC values. If Bitcoin hits the $25,000 mark, the decline in altcoins could be even more pronounced. Market players and possibly their algorithms often monitor these significant levels. When these levels are breached, there's often a move towards more stable options, redirecting investments back to BTC or even stablecoins. This could be why, despite a decline, Bitcoin might not plummet as drastically as altcoins."
At the time of this update, Bitcoin's price stands at $26,790.
I
Oct 13, 2023
