Crypto strategist and the pseudonymous analyst Pentoshi tells his 514,000 Twitter followers that Altcoins are likely to get hit hard as capital rotates to less risky assets.
He says the crypto market is getting rid of ‘dead weight’ and warns Altcoins to face significant drawdowns.
Talking about the Bitcoin Dominance Index, he says it looks incredibly bullish after holding support at 39.70%.
The Bitcoin Dominance Index measures the valuation of BTC against the market cap of all other crypto assets.
He says, “BTC dom vs alts. Alts look primed to get decimated here. BTC dom knocking at new highs = alt/btc pair breakdowns. Believe it or not, great for the market to get rid of dead weight for new growth later.”
Few things to look at$BTC / #alts
Below weekly open can get uglyAlt/BTC + USD bleeding out rapidly while BTC sits here. BTC.D making new highs can be alt outflows to BTC before BTC outflows before total market outflows to Stables
Just my 2 cents but possible current flows https://t.co/OyTmlSdRlg pic.twitter.com/sm3wbxvSTZ
— Pentoshi 🐧 Forbes worst trader 40 years running (@Pentosh1) February 11, 2022
Pentoshi also says that the pullback on February 10th and 11th showed the weakness in the altcoin market.
Related Link: Why This Analyst Thinks Bitcoin Is Unlikely To Be Challenged By Altcoins
