A popular cryptocurrency analyst is urging caution on altcoins amid an over 40% Bitcoin (BTC) rally year-to-date.
According to Kaleo, Bitcoin looks likely to outperform altcoins as it is the go-to crypto asset during bear market rallies.
This is your reminder to be careful with altcoins.
When Bitcoin squeezes above this range, there’s a good chance a lot of these major support levels that altcoin/BTC pairs are currently sitting on break lower.
BTC becomes a black hole of liquidity in bear market rallies.”
Based on the ETH/BTC chart above, Kaleo seems to be suggesting that when paired against Bitcoin, Ethereum is set to fall from around 0.07 BTC to roughly between 0.051-0.047 BTC, a decline of approximately 31.72%.
Ethereum is trading for 0.07030244 BTC, or $1,656, at time of writing.
Kaleo has previously said that Ethereum typically…