A trader who “captured” the recent upswing in the crypto market has significantly reduced his holdings in the digital asset sector due to the recent stagnation in the price of Bitcoin.
In a recent update to his YouTube subscribers, the analyst known as “DonAlt” explained that the correction of Bitcoin (BTC) from roughly $28,500 to around $27,000 last week has seen it exit the crypto markets.
He expressed his lack of optimism about Bitcoin’s current market structure, which has led him to reduce his risk exposure. He admitted that he suffered a minor loss with Bitcoin, but made significant gains with Litecoin (LTC) and XRP.
Despite the profitability of its Litecoin and XRP positions, DonAlt believes that Bitcoin’s weakness suggests that the recent rally in the altcoins may not be sustainable in the long term.
He expressed concern about altcoins taking profits, while he was technically wrong about Bitcoin, as this scenario usually occurs towards the end of a rally. DonAlt highlighted that Bitcoin has been trading in a range in recent weeks, while the stock market has shown significant strength.
Observing the lack of significant inflow of funds to Bitcoin despite the positive performance of the stock market, DonAlt expressed disinterest in continuing to actively participate in the crypto market.
In conclusion, DonAlt stated that he prefers to stay on the sidelines rather than risk the profits he made with altcoins during the recent market upswing.
2023-06-04 15:31:23
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