• Crypto analyst Credible Crypto is warning that altcoins may soon see similar price action to Pepe, a Dogecoin rival that recently crashed by 25%.
• Credible Crypto predicts Bitcoin dominance will dip down to around 48.46% in September and then cross 54% before the end of the year.
• The analyst believes that if Bitcoin dominance starts skyrocketing it will be accompanied by some massive green candles.
Warning on Altcoins
Crypto strategist Credible Crypto is cautioning investors about altcoins after one Dogecoin (DOGE) rival abruptly plummeted over 25% in just hours. The pseudonymous analyst shared his warning on social media platform X, noting that Pepe had dropped 30% against Bitcoin (BTC) since being posted 11 days prior and asked which altcoin would be next.
Outlook On Bitcoin
Credible Crypto also provided an updated outlook on Bitcoin, predicting its dominance (BTC.D) would 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 was at 49.17%. Generally, an increasing BTC.D indicates that the liquidity in altcoins is flowing into Bitcoin and driving the alt market down.
Risk Of Flipping Bearish On Bitcoin
The analyst warned against flipping bearish on Bitcoin despite calls for an “alt-season” as nothing has changed regarding BTC’s market structure to justify such sentiment. He bets that we will tap the green zone and continue the rally on Bitcoin dominance, which could coincide with another major move up for BTC prices if he’s right about his prediction for rising dominance levels not seen in two years being accompanied by some massive green candles..
Price Action Of Pepe
At time of writing, PEPE/BTC was trading for 0.0000000000346 BTC ($0.000000898), marking a 15.1% decline within 24 hours period from its previous high of $0.00000112 reached on Thursday only to plunge a few hours later to a low of $0.000000825, representing a 26% drop in price value . This sudden decline coincided with reports that members behind the project were selling off their holdings of this memecoin currency as well .
Conclusion
In conclusion , crypto investors should take note of warnings issued by crypto analysts such as Credible Crypto when it comes to investing in altcoins , especially when there are reports indicating team members or creators are selling their tokens . Investors should also keep track of news related to cryptocurrency prices and trends , including those related to Bitcoin’s dominance over other digital currencies .