February 2, 2024 12:05 PM | 2 min read
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A Navigating Narratives report by K33 Research, led by DeFi analyst David Zimmerman, outlines the crypto trading strategies for investors in Bitcoin (CRYPTO: BTC) and altcoins post the Spot Bitcoin ETF approval.
What Happened: The report notes that the Spot Bitcoin ETF approval was a “sell-the-news” event, breaking the market uptrend. It cautions traders not to expect that Bitcoin will immediately rise vertically to new highs.
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The analyst recommends redeploying Bitcoin rally profits only after it drops 30-50%, not 10%. Once the Bitcoin rally is “exhausted,” the report suggests shifting focus to altcoins likely to see major gains.
Solana (CRYPTO: SOL) “looks decent” in this regard (if it continues this rally), with some clear areas for taking profit/selling, the report indicates, adding, “SOL will be our main focus for additions to long-term spot holdings if we continue to get large pullbacks.”
The report emphasizes buying if opportunities arise to purchase lower. It says this cycle’s theme will be Solana outperforming Ethereum (CRYPTO: ETH) based on on-chain activity and a premier ETH competitor.
When Bitcoin wipes out leveraged longs with a large red candle, altcoins will follow suit. However, alts staying green could be short-term plays, as gains may not be sustained long-term. Weak 2023 performers like Cardano (CRYPTO: ADA) offer short opportunities on Bitcoin rallies.
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Why It Matters: Crypto technical analyst Parabolic Pump stated they are looking to add new altcoins to their portfolio that have a low market cap, innovative technology, are fairly launched, have excellent tokenomics and a strong community.
Another heavily followed crypto analyst, Stockmoney Lizards states, “#Altcoins are there to outperform #Bitcoin.” He alerts users to watch the altcoin cycles and raises the question of when to buy them and when to sell them.
If you’re into crypto, #Altcoins are there to outperform #Bitcoin. The question is when to buy them and when to sell them. Buying the bottom and selling the top is almost impossible. That’s why you need to watch the altcoin cycles. pic.twitter.com/QXyTxa1rW4
— Stockmoney Lizards (@StockmoneyL) February 1, 2024
What’s Next: While the altcoin market has performed decently well during the latest uptrend, up-and-coming memecoins like GameStop have taken the limelight in recent weeks.
Also Read: Solana At $105 Has Analysts Bullish: ‘It Will Converge On Ethereum Faster Than Most Believe’
Photo: Shutterstock
“Start 2024 Strong With 3 Hot Stock Ideas – Practically Free”
Ready for your shot at the next potential 32%, 39% or 45% gains in today’s market? You’re about to miss Stock Expert Gianni Di Poce’s 3 latest stock ideas… Ones that could shift your entire wealth-building journey. If you’re ready to start 2024 strong with 12 hot stock ideas every single month. ACT FAST.
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