While well-known analysts of the crypto industry expect sharp movements in Bitcoin price, they warn against corrections in some altcoins. An altcoin that has risen 300% since mid-August is facing a sharp decline, according to experts.
Altcoin Sherpa warns investors against bull trap
Altcoin Sherpa, who invited investors to be vigilant about Ethereum-based Chainlink rival Tellor Tributes (TRB), shared his interesting findings in his current analysis. TRB’s recent performance did not escape the attention of analysts. At this point, Sherpa wrote, “TRB, remember that these crazy rallies will end.”
Stating that Tellor will enter into a correction movement soon, the analyst said, “It made a big jump with the influence of the market maker. “However, I am thinking of opening short positions in the range of $40-45,” he said. Sherpa says Tellor Tributes may first make a move towards the peak it reached earlier this month. However, it suggests that there may be a significant decline following this level.
$TRB: These crazy games are going to unwind eventually but this 1 had a big run given MM activity. Looking for shorts around $40-$45 pic.twitter.com/1JUK2tynfl
— Altcoin Sherpa (@AltcoinSherpa) September 19, 2023
As we reported as Kriptokoin.com, TRB price stood out with rally movements this week. However, Tellor Tributes (TRB) price dropped to $33.45 today. This means -10.04% decrease in price during the day and -2.12 decrease in price in the last 7 days. The sales of altcoin whales, who evaluated the rally, were effective in the decline.
Analysts are observing bullish movements in Bitcoin
Altcoin Sherpa’s comments are not limited to TRB. His ideas on Bitcoin (BTC) also attract quite a bit of attention. The analyst states that Bitcoin has the potential to break an important resistance level.
Elsewhere, crypto analyst Ali Martinez shares a similar sentiment with Altcoin Sherpa. According to Martinez, BTC’s current on-chain movements indicate the early stages of a bull run. Drawing particular attention to the increase in new wallet formation, Martinez suggests that BTC may soon enter a bull run again.
In his current analysis, Martinez wrote the following regarding the bullish movements of the Bitcoin price:
Bitcoin – A bull run is often characterized by increased on-chain activity! This can be noticed when the monthly average (red) of new wallets exceeds the annual average (blue); This indicates that network foundations are strengthening and usage is increasing. Note that BTC on-chain activity is expanding despite stagnant prices, indicating that the BTC bull run may continue soon!”
What do futures say about Bitcoin and the altcoin market?
According to Arkham Intel, over the last 48 hours the crypto market has experienced significant volatility, largely driven by high interest in futures. Open interest on Binance’s BTC-USDT pair has increased by more than $100 million multiple times, leading to rapid price movements.
This morning, open interest gradually built up again as the price of BTC increased, and traders reopened futures positions.
Between 08:00 and 10:00 UTC, traders opened a net of 3000 BTC ($81M) worth of futures positions on the Binance BTC-USDT pair. pic.twitter.com/SpdmWFD0y0
— Arkham (@ArkhamIntel) September 19, 2023
Data revealed that Binance’s futures interest on the BTC-USDT pair recently reached an impressive 97.75 thousand BTC ($2.66 billion). But that quickly changed when the SEC filed a court document. It caused a sudden drop of ~5000 BTC ($135 million) in futures positions.
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