NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip

Published 06/27/2024, 05:30 AM
Updated 06/27/2024, 06:15 AM
© Reuters.  Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip
BTC/USD
-

  • Cody Buffington believes an altcoin season is coming soon.
  • Bitcoin is experiencing a temporary setback.
  • Whale traders on derivatives are in risk-off mode.

Despite Bitcoin’s recent price dip, crypto analyst Cody Buffington predicts an impending altcoin season, citing on-chain data and market trends as key indicators.

Buffington noted Bitcoin’s decline towards $60,000 in the last week of June as the flagship cryptocurrency heads for a potential retest of its early May support level. According to Buffington, the current dip in Bitcoin’s price is testing investor sentiment, as BTC’s price behavior around the support level could influence market direction.

Meanwhile, Buffington emphasized Bitcoin’s recent bearish trend, noting that it has pushed the pioneer cryptocurrency below multiple moving averages. Consequently, demand for BTC is experiencing a temporary setback, with Bitcoin whales slowing their transaction activity just before the price slipped below $63,000. Buffington cited a related comment by CryptoQuant CEO Ki Young Ju, who said:

“Whale traders on derivatives are in risk-off mode.”

Continuing his presentation, Buffington highlighted Sant…

The post Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.