Popular cryptocurrency analyst Jason Pizzino has suggested that altcoin bulls may be at great risk as the price volatility of the leading crypto Bitcoin (BTC) continues.
In the video shared by Pizzino, he tells his 267,000 subscribers that current market conditions are not a suitable environment to test long-term initiatives or dollar-cost average (DCA).
Analyst Jason Pizzino made the following statements in his statements in the video:
“While Bitcoin is going through such a difficult process, investors need to be very careful in their movements. Many investors are losing more while trying to give the average dollar cost to cryptocurrencies in this dynamic market that Bitcoin is in. Do you remember our trading range that we have been following for about two weeks? "I'm looking at $28,000 to $31,000, more specifically $31,700. Cryptocurrency investors aren't really doing themselves a favor. That's my conclusion over the past few weeks."
Pizzino noted that the cryptocurrency has yet to enter the market enough to support further price drops.
In addition, the popular analyst made these statements about altcoins:
“Altcoins have no accumulation range, which means they are not invested enough. This is a very high risk, I think extremely dangerous.”
On the other hand, analyst Jason Pizzino suggested that Bitcoin dominance signals that it is preparing to attract large amounts of capital from the rest of the market and give weight to altcoins.
"I think the last few weeks have been a big Bitcoin bear season. You can see that the leading cryptocurrency's market dominance was around 41% before the declines, but this number is now around 46%. Bitcoin's share of the total market cap is increasing. Also, Bitcoin is experiencing this tough time." I believe that if he leaves the days behind, he will be much stronger and in a much more dominant position in the market."