Trader Catching the 2023 Crypto Rally Abruptly Unloading Bitcoin and Altcoin Positions – Here’s Why
One trader who has been adept at riding this year’s crypto rally says he has significantly reduced his exposure to digital asset markets following Bitcoin’s (BTC) price slump over the past few days.
In a new strategy session, analyst DonAlt tells his 50,900 YouTube subscribers that Bitcoin’s correction from around $28,500 to around $27,000 last week was his signal to exit the crypto markets.
The crypto strategist says Bitcoin’s current market structure gives him no reason to be bullish on BTC.
“I’ve pretty much de-risked the entire market, which basically just meant I took a small loss on Bitcoin, a big gain on Litecoin, and a pretty big gain on XRP as well.
I still have a little bit, but I’ve reduced the risk significantly simply due to the fact that even arguing that it’s just a hoax and can be ignored, I no longer have a good technical reason to buy Bitcoin be .”
DonAlt also says that its Litecoin (LTC) and
“I got my edge on the altcoins which, as I said at the start of the show, makes me nervous every time. If I’m technically wrong on bitcoin but still make money off altcoins, it just scares me because altcoins usually do well or better at the end of a rally.”
He also points out that Bitcoin has traded sideways for most of the past few weeks, despite the stock market showing considerable strength.
“Let’s face it, the S&P has worked wonders over the past week. We had a lot of power, and it didn’t just flow into bitcoin.
All of that just left me disinterested.”
DonAlt concludes that he would rather remain on the sidelines than give back all of his recent altcoin gains.
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