• Bitcoin price has dropped and altcoins are displaying signs of strength.
• Whales have been accumulating the altcoins, leading to predictions of 10x-15x returns.
• The possibility of a giant price action towards the south is possible if BTC bottoms out.
Bitcoin Price Drops as Altcoins Show Strength
The global crypto market capitalization regained levels above $1 trillion at the beginning of 2023, prompting a giant leap for Bitcoin price beyond $24,000. However, the price quickly dropped more than 4% to below $23,400. In the meantime, altcoins like Ethereum, BinanceCoin, XRP and Cardano have been showing acute strength with whales intensifying their accumulation.
Whales have been accumulating ADA since the beginning of 2023 with recent transactions hitting a 12-week high. A well-known analyst predicts that if the bull market is confirmed these altcoins could rise by another 10x to 15x. Although there is a chance that altcoins could drop 70%-80% if BTC does not bottom out first.
BTC Bulls and Bears in Tussle
The Bitcoin bulls and bears appear to be in deep tussle over who will gain dominance over the rally. Therefore if the bulls manage to overpower the bear then it may result in a giant price action towards the south before an eventual upswing for altcoins can occur.
Anticipating BTC Bottoming Out
It is important for Bitcoin to find its bottoms before any significant pullback can occur for altcoins which would prompt an upward trend or “AltSeason” as some call it. If this happens then investors may see substantial profits from their investments in alts given that they held onto them during this period of turbulence in cryptocurrency prices overall.
In conclusion, while there may be potential for large gains when investing in alts given current market conditions it is important to keep an eye on Bitcoin’s performance as that will likely dictate how successful any investment might be during this period or potentially any other period during which cryptocurrency markets fluctuate dramatically.