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Popular cryptanalyst Jason Pizzino said about the dangers of investing in altcoins. He noted that large holders of alternative cryptocurrencies take on huge risks. According to him, bitcoin (BTC) continues to put pressure on the market, and all other digital assets are extremely dependent on its value.
According to the expert, the current market conditions are unfavorable for entering a long position (long). He noted that buyers of alts could lose a significant share of the portfolio if they acquire cryptocurrencies now. The bitcoin rate is unstable and extremely volatile. From time to time, it gives a shake-up for market participants.
According to the analyst, the current trading range for BTC is between $28,000 and $31,000. Pizzino assured that smart money has not yet entered the cryptocurrency market in sufficient quantities, which means that there is no one to keep the bitcoin rate from falling further. The trader noted that many altcoins have fallen in price by 80% or more from the historical maximum, but this is far from the limit.
According to his assurances, there is still a possibility of losing from 50% to 70% of the current value because there was no significant rebound from support levels.
On the charts of the leading altcoins, the accumulation range is not marked, which means that smart money has not yet come to the market, as he expected. Therefore, the purchase of cryptocurrencies in this time period is an unjustified risk.
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