In this video, DataDash shares his analysis on the current state of Bitcoin and the broader crypto market. He emphasizes that Bitcoin's price action is showing some concerning signs, as it has been consistently facing resistance against the 21-day moving average for over a week and a half, failing to close above it.
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DataDash highlights that Bitcoin has spent most of the past week below the 200-day moving average, which is not a positive sign. He advises against trying to pick bottoms or make short-term trades.
He suggests that if you want to buy positions for the next couple of months in altcoins or Bitcoin, you should wait for momentum to return. He is not interested in buying Bitcoin at its current price of around $58,000, as it has been stalling and is much lower than the prior highs seen in March.
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DataDash emphasizes the importance of Bitcoin breaking above the prior highs and closing above the $72,500 target on a weekly basis to confirm a new bull market.
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He notes that while Bitcoin has outpaced the S&P 500 and NASDAQ this year, the returns have been relatively modest compared to previous bull markets. He suggests that the exponential returns many expect from Bitcoin may not be coming back anytime soon.
DataDash believes that altcoins, particularly layer-one protocols and projects with unique feature sets, are where the trading opportunities lie. He highlights projects like Aleph Zero, Radix, and Constellation Network as examples of protocols with interesting fundamentals and potential for growth.
In conclusion, the speaker advises focusing attention on the broader altcoin market for potential life-changing returns, while being cautious with Bitcoin and Ethereum, which may have limited upside potential in the short term.
