Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip
- Cody Buffington believes an altcoin season is coming soon.
- Bitcoin is experiencing a temporary setback.
- Whale traders on derivatives are in risk-off mode.
Despite Bitcoin’s recent price dip, crypto analyst Cody Buffington predicts an impending altcoin season, citing on-chain data and market trends as key indicators.
Buffington noted Bitcoin’s decline towards $60,000 in the last week of June as the flagship cryptocurrency heads for a potential retest of its early May support level. According to Buffington, the current dip in Bitcoin’s price is testing investor sentiment, as BTC’s price behavior around the support level could influence market direction.
Meanwhile, Buffington emphasized Bitcoin’s recent bearish trend, noting that it has pushed the pioneer cryptocurrency below multiple moving averages. Consequently, demand for BTC is experiencing a temporary setback, with Bitcoin whales slowing their transaction activity just before the price slipped below $63,000. Buffington cited a related comment by CryptoQuant CEO Ki Young Ju, who said:
“Whale traders on derivatives are in risk-off mode.”
Continuing his presentation, Buffington highlighted Sant…
The post Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip appeared first on Coin Edition.
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Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip
- Cody Buffington believes an altcoin season is coming soon.
- Bitcoin is experiencing a temporary setback.
- Whale traders on derivatives are in risk-off mode.
Despite Bitcoin’s recent price dip, crypto analyst Cody Buffington predicts an impending altcoin season, citing on-chain data and market trends as key indicators.
Buffington noted Bitcoin’s decline towards $60,000 in the last week of June as the flagship cryptocurrency heads for a potential retest of its early May support level. According to Buffington, the current dip in Bitcoin’s price is testing investor sentiment, as BTC’s price behavior around the support level could influence market direction.
Meanwhile, Buffington emphasized Bitcoin’s recent bearish trend, noting that it has pushed the pioneer cryptocurrency below multiple moving averages. Consequently, demand for BTC is experiencing a temporary setback, with Bitcoin whales slowing their transaction activity just before the price slipped below $63,000. Buffington cited a related comment by CryptoQuant CEO Ki Young Ju, who said:
“Whale traders on derivatives are in risk-off mode.”
Continuing his presentation, Buffington highlighted Sant…
The post Crypto Analyst Predicts Altcoin Season Despite Bitcoin’s Recent Dip appeared first on Coin Edition.
Read More