Bitcoin has hit a new all-time high of nearly $119,000, generating significant interest in the crypto community. However, some analysts caution against blindly following the market.
Record Bitcoin Growth
Bitcoin (BTC) reached a new all-time high of around $119,000 after briefly stopping at $113,000 and $116,000. This event has attracted attention from both traders and investors.
Analysts Advise Altcoins
Analyst CrediBULL Crypto has warned traders against blindly chasing the rally, stating that the real opportunities lie in altcoins, not Bitcoin. He noted that BTC is currently more than 650% above its ideal accumulation zone. 'The big opportunity for gains is on ALTS even if Bitcoin is the one that is ‘leading’ this move.'
Current Trends in Cryptocurrency Market
Even with BTC in price discovery mode, Ethereum and several other altcoins are beginning to outpace it in percentage gains. Ethereum, for instance, is up more than 18% in the last seven days, compared to Bitcoin's 8.9% increase. Analysts point out that this BTC price cycle is different from previous bull cycles, as it is marked by strategic accumulation and restrained selling activity.
While Bitcoin sets new records, analysts' and traders' focus on profit opportunities is increasingly shifting toward altcoins. Under current conditions, studying alternative assets may be a more prudent approach.
