Crypto analyst Xanrox has advised market participants against buying Bitcoin, warning that: a crash is imminent for the leading crypto. Instead, the analyst recommended buying altcoins, which are likely to deliver bigger profits.
Analyst Advises Against Buying Bitcoin While A Crash Looms
In one TradingView Analysisadvised Xanrox not to buy Bitcoin, citing the crypto’s bearish price action. Commenting on BTC’s daily chart, he noted that the LOG scale is a bearish flag patternindicating bearish price action. He added that it will be a technical mistake to buy or go long at the channel’s resistance.
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Xanax revealed that further Bitcoin’s price is currently within the channel, indicating a huge selling wall above the current price. The analyst admitted that there is still a chance that BTC could rise to between $83,000 and $84,000. However, he recommended opening a short position at this time rather than going long BTC.
The analyst’s accompanying chart indicated that the recent Bitcoin rally was simply a bull trap, with BTC now at risk of falling to around $60,000. Notably, BTC fell below $80,000 yesterday following the release of US PPI inflation data, which showed inflation rose 6% year-on-year (YoY) in April due to the war between the US and Iran.
Meanwhile, Xanrox noticed that too Bitcoin’s dominance is bearish, which is a strong sign of an altcoin season. He stated that BTC price is currently looking to retest the main channel support trendline at around $60,000.
Altcoins to buy
Xanrox listed ADA, TRX, LINK, DOGE, BNB, XLM, He reiterated that market participants should avoid Bitcoin as its dominance is declining and it has already been pumped out of the market Lows in February of around $60,000.
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Meanwhile, the analyst stated that trading lower-capitalization coins will be better for those who want to make much more profit, as these coins have a greater upside than the major altcoins, which he described as “bank coins.” Some altcoins have posted significant gains over the past month, with TON, SUI and ONDO leading the way.
TON is up almost 50% in the past month, rising to almost $3 Rates of the Toncoin network dropped by 600%. The altcoin also registered this increase because the Toncoin network now offers one of the most attractive returns of all layer 1 networks. Meanwhile, SUI and ONDO are up over 26% and 57% respectively, thanks to bullish fundamentals in their respective ecosystems.
At the time of writing, the Bitcoin price is trading around $79,600, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Pixabay, chart from Tradingview.com