A closely watched crypto strategist is issuing another dire warning about altcoins as a rival to Dogecoin (DOGE) plunges abruptly.
Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X show that Pepe has collapsed against Bitcoin (BTC) in just days and that other altcoins will soon see similar price action.
“PEPE is leading the way with some help from the team. Down 30% against BTC since its release 11 days ago… which alt is next?
PEPE/BTC is trading for 0.0000000000346 BTC ($0.000000898) at the time of writing, down 15.1% in the last 24 hours.
On Thursday, Pepe reached a high of $0.00000112, only to drop a few hours later to a low of $0.000000825, down 26%. The sudden drop coincided with reports that the team behind the project sold their holdings to the memecoin.
Then the analyst weighs in on Bitcoin and predicts BTC (BTC.D) dominance will drop to around 48.46% in September before entering a massive trajectory to surpass 54% before the end of the year. At the time of writing, BTC.D is at 49.17%.
The BTC.D chart tracks the percentage of the total crypto market capitalization that belongs to the crypto king. In general, an increasing BTC.D indicates that liquidity in altcoins is flowing into Bitcoin and driving the alt market down.
“Nothing has changed here. If you see the alt-season calls, don’t be fooled.
BTC’s dominance has just broken out of a two-year period and is testing the breakout.
There has been NO shift in the market structure that warrants making Bitcoin dominance bearish here. My bet? We are tapping into the green zone and continuing the Bitcoin dominance rally, which should coincide with our next big move up on Bitcoin.
If I’m right, and dominance starts skyrocketing to levels we haven’t seen in over two years, you can bet it will be accompanied by some huge green candles.
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