The volatility of the Bitcoin (BTC) price has increased considerably, especially since it went above $ 19,000. BTC, which went up to $ 19,999 about 1 week ago, was subsequently corrected to the $ 16,000 band. BTC, which has experienced a similar decline today, is taking the price of altcoins with it with hard pullbacks. In these decreases, it is seen that some investors consider it as a buying opportunity and buy altcoins. So how do experts and analysts advise investors who do this?
Is Bitcoin creating a buying opportunity for altcoins?
The BTC / USD trading pair suddenly fell to $ 18,558 after hitting the $ 19,782 level today. This decline led to the liquidation of the multi-million dollar BTC position, while also bringing a drop to the support levels for altcoins days ago. It is known that those who are already investing in altcoins panic with these drops, but those who cannot buy at the desired level “jump on the train”.
Altcoin investors should pay attention to this
Famous cryptocurrency analyst Josh Rager did not comment on whether this makes sense, but explained an event that investors should be aware of. According to Rager, determining which altcoins hold better in these decreases can be a very important indicator.
In other words, altcoins that do not fall below a certain support point while the BTC price crashes are included in the category Rager expresses.
If you’re buying altcoins on Bitcoin pullbacks make sure to focus on strength – look at what is holding well
— Josh Rager 📈 (@Josh_Rager) December 1, 2020