A widely followed crypto analyst says that investors should continue hanging on as we are nowhere near the start of the next crypto bear market.
In a new video update, Guy Turner, the host of Coin Bureau, tells his 2.66 million YouTube subscribers that the markets are still way too bullish for traders to be thinking about a bear market starting anytime soon, despite the industry taking a “pounding” recently.
According to Turner, we’re still very much in Bitcoin (BTC) season as BTC dominance is still on the rise. He notes that when it comes time to flip to altcoin season, which appears to be coming soon, the top 10 altcoins by market cap will likely see the most inflows.
“Bitcoin dominance continues to climb… Taking a look at the altcoin season indicator, we’re still clearly in Bitcoin season, but you’ll also notice that we’re also at levels where this trend has historically reversed, with more money flowing into altcoins.
In our opinion, the altcoins that will see the most investment will likely be those in the top 10 by market cap, although this also means that the potential gains will be significantly lower.”
The crypto king is trading for $84,542 at time of writing, a fractional increase on the day, while its dominance level currently sits at 63.9%.
Turner goes on to say the regulatory turnaround by the US on digital assets will also greatly bolster the industry, both in retail and institutional trading, so traders shouldn’t think about giving up yet.
“Crypto regulators in the US have become much friendlier to the industry thanks to the pro-crypto stance taken by the Trump administration…
We believe that this will help to attract a broad range of investors to the crypto market over time, be they retail or institutional investors, and this is also why we believe that although the market has been taking an absolute pounding lately, we shouldn’t be tapping out just yet…
The overall picture is still too bullish for us to be concerned about a bear market starting anytime soon.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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