Ethereum, altcoins risk more downside than Bitcoin if BTC losses $30K, warns analyst
With the crypto market showing signs of a correction, a new report from a leading analyst has warned against the risk of altcoins suffering more than Bitcoin from a potential decline in the cryptocurrency’s price.
A big player like Goldman Sachs can provide Wall Street’s view of what’s going on in the markets. This week, the investment bank released its new quarterly report on digital currencies. In it, Goldman Sachs analyst Brian Kelly said the next cryptocurrency bubble could be even more dangerous than the last one.
A recent report from a well-regarded financial research firm suggests that Bitcoin, Ether, Litecoin, Ripple, and other cryptocurrencies may be facing even more downside than previously thought, as they could be facing even more downside than Bitcoin if Bitcoin drops below $30,000.. Read more about latest ethereum news today and let us know what you think.
Traders and altcoin investors should hedge their bets if the price of bitcoin (BTC) drops significantly.
That’s according to Filbfilb, independent market analyst and co-founder of Decentrader Trading Suite. In a tweet posted late Friday, the alias said a 30 percent drop in the bitcoin market could cause altcoins to fall twice as much.
While bitcoin balanced between $50,000 and $60,000 in March and May, altcoins have exploded. Similarly, bitcoin’s recent market correction, which saw the leading cryptocurrency drop from around $65,000 to $28,000, has also seen altcoins plummet, but to the levels they maintained when bitcoin was stuck in the $50,000 to $60,000 range.
Bitcoin consolidation continues in the 30K-40K range. Source: TradingView.com.
Many analysts, including Mercuryo founder Alexander Vasiliev, see bitcoin’s upward movement as a sign that bitcoin will surpass $40,000 in the medium to long term, reaching previous highs around $64,000.
However, some analysts who previously thought bullish on bitcoin have changed their minds after the cryptocurrency’s recent bearish correction.
For example, Scott Minerd, chief investment officer of billionaire investment firm Guggenheim Partners, told CNBC on Friday that he expects bitcoin to drop to $15,000.
In February, when bitcoin had just broken through the $30,000 resistance, Minerd predicted that the price would reach $600,000.
Clem Chambers, director of financial analysis site ADVFN.com, is also pessimistic about bitcoin and notes that bitcoin could fall back to $20,000 due to a capitulation. wrote in his article on SeekingAlpha :
It looks like the next move down is already here, and this will be the last big move down that will lead to a repeat of the crypto winter we have already experienced.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. So you need to do your own research before making a decision.Bitcoin has risen and fallen many times, and has done so largely because of its volatility. Given that it’s not a stable store of value, the cryptocurrency has been met with skepticism from investors who prefer a more secure investment vehicle. But what if, in spite of all the volatility, Bitcoin were to retain its upper echelon status? What if the platform is ultimately viewed as being more stable than other altcoins?. Read more about cryptocurrency news now and let us know what you think.
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