As Bitcoin hovers around the $70,000 mark, the cryptocurrency community is abuzz with anticipation. Noted crypto trader “Crypto Tony” has issued a crucial warning: the impending all-time high (ATH) break for Bitcoin might temporarily redirect investor focus away from altcoins, impacting their performance in the short term.
Once #Bitcon breaks the ATH this may setback #Altcoins as attention goes back to $BTC in the short term
Just something to be cautious of
— Crypto Tony (@CryptoTony__) May 23, 2024
Bitcoin Poised to Break ATH
Bitcoin’s market performance often sets the tone for the broader cryptocurrency landscape. With its price nearing ATH, there is an expectation of renewed investor interest and capital influx into BTC. Recently, spot Bitcoin ETFs reported a total net inflow of $154 million. Among these, the Grayscale Bitcoin Trust (GBTC) ETF saw an outflow of $16.0914 million. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) had a single-day inflow of $91.9527 million, while Fidelity’s FBTC ETF attracted $74.572 million. Ark Invest’s ARKB recorded an inflow of $3 million on the same day.
Bitcoin’s dominance is anticipated to rise, currently at 54.12%, despite a slight decrease in market sentiment. This focus on Bitcoin could overshadow altcoins, leading to potential setbacks for these growing digital assets as attention shifts back to BTC.
Caution Advised for Altcoin Investors
Crypto Tony’s cautionary tweet underlines the need for vigilance among altcoin investors. Historically, significant movements in Bitcoin’s price have caused volatility in the altcoin market. As Bitcoin draws more attention, altcoins may experience reduced buying pressure and price corrections.
Bitcoin’s Ambitious Target: $150k
Standard Chartered’s Geoff Kendrick says #Bitcoin is still on track to reach $150,000 by the end of the year 🚀 pic.twitter.com/xCOXKiH08g
— Waivly (@Waivly) April 23, 2024
Adding to the bullish sentiment, Geoff Kendrick, Head of EM FX Research at Standard Chartered, predicts a breakout above the previous ATH, with Bitcoin’s price surging to approximately $73,798. Kendrick further anticipates the approval of Ethereum Spot ETFs by the SEC to influence Bitcoin’s price dynamics. He projects Bitcoin could reach $150,000 by 2024 and a staggering $200,000 by 2025.
While Bitcoin’s rise might temporarily impact altcoins, a balanced perspective and strategy can help investors navigate these fluctuations.
