Bitcoin Dominance Is Surging, Analyst Says

There is a popular crypto analyst who said that altcoin bulls could be talking about massive amounts of risks as the dominance of Bitcoin is surging.

Jason Pizzino said that current market conditions may not be favorable for long entries or trying to dollar-cost average (DCA).

“We’re looking at a crypto dangerous move that the buyers are making especially in this Bitcoin shakeout… So many buyers are still getting caught up trying to dollar cost average into cryptocurrencies while Bitcoin is basically giving us a shakeout.”

He also said the following:

“Remember our trading range that we’ve been following for nearly two weeks now? Between $28,000 and $31,000, more specifically I’m looking at $31,700.”

He continued and explained:

“The crypto investors, the DCAers are really not doing themselves any sort of favor. This is what we’ve been looking at for months and, of course, more recently over the last few weeks.”

Pizzino also made sure to highlight the fact that smart money still hasn’t entered the market with enough of a presence to support prices from falling further.

As the online publication the Daily Hodl notes, according to the analyst, despite altcoins already being down dramatically from their ATHs. It’s also important to note the fact that big drawdowns are still in play.

At the moment of writing this article, the most important coins in the crypto market are trading in the red, and Bitcoin as well.

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