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Crypto expert Crypto Beast has made a shocking revelation, stating that he has sold off his Bitcoin holdings just as the flagship crypto recently hit a new all-time high (ATH). The expert further gave reasons why he made this move, indicating he was looking to pivot to altcoins.
Expert Gives Reasons Why He Sold Off Bitcoin Holdings
In an X post, Crypto Beast stated he has sold all his Bitcoins. He opined that BTC’s dominance has peaked and will drop massively in the coming months, suggesting that the top might be in for the flagship crypto following its latest rally to a new ATH. The expert added that the BTC price cannot record another 100% move from here, while most altcoins he holds will still witness a 5x to 20x surge.
Source: Crypto Beast on X
He also revealed that he plans to sell his altcoins at their peak and buy back Bitcoin during the bear market. In an X post, crypto analyst Rekt Capital also commented on BTC’s dominance. He noted that May is coming to a close and that the dominance is firmly positioned for a successful retest of 64% as support.
The analyst added that any short-term dips in the Bitcoin dominance would still enable altcoin moves. However, he warned that the BTC DOM still looks positioned for more upside towards the 71% area over time. In an earlier X post, he stated that Bitcoin has just begun its “Price Discovery Uptrend 2” and that it still has many weeks of upside ahead.
Rekt Capital noted that there will be normal dips and pullbacks for Bitcoin during this uptrend, but the general macro upside lies ahead. Veteran trader Peter Brandt also raised the possibility of the BTC price rallying to as high as $150,000 by August, indicating that the flagship crypto has more room to rally to the upside.
Altcoin Season Is On The Horizon
Crypto analyst Mikybull Crypto has made a case for altcoins, predicting that they would soon enjoy massive gains while Bitcoin’s dominance declines. In an X post, the analyst stated that altseason is brewing and that it is becoming clear on the chart. In another X post, he remarked that the Bitcoin dominance is looking to plunge and that it is time for altcoins to show.
Ethereum is known to usually lead this altcoin season, and Mikybull Crypto is confident that a parabolic rally is loading for the ETH price. In an X post, the crypto analyst stated that ETH is breaking out and that $3,200 is the next target for the altcoin.
At the time of writing, the Bitcoin price is trading at around $107,938, down in the last 24 hours, according to data from CoinMarketCap.
BTC trading at $108,408 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com
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