A widely followed crypto trader is adapting his investing strategy as macro factors affect traditional market predictors.
Pseudonymous crypto analyst Pentoshi tells his 522,200 Twitter followers he’s currently buying into Bitcoin (BTC) but more hesitant about Ethereum (ETH) and altcoins in general.
“The thing that makes me hesitant on ETH is this and why I’ve had my BTC focus for months.
300-day consolidation inside this triangle. [For what it’s worth] used this same chart for 2 years now. BTC can solo rally where alts lag bad. They are already.
A painful memory from 2017-2018 lingers.”
Pentoshi goes on to say he’s looking for Bitcoin to recapture its January 1st price of $47,292 before he reassesses his position.
“Want to state, March is a month of massive variables. So I think day-to-day approach is best.
There is a lot going on in the world right now. It’s anyone’s guess. I’m leaning towards yearly open still, but after that it’s wait and see.”
The analyst next addresses the new “fog of war” scenario that traders now face as macroeconomic and geopolitical events complicate the investing landscape.
“Now that we are going into March. Looking ahead we have:
FOMC (rate hikes). War potential for escalation. Volcano Bonds [in El Salvador].
My expectations this month? I have no clue.”
Pentoshi concludes his tweet by saying that while he chose Bitcoin over Ethereum right now, he’s likely to revisit the possibility of an ETH buy-in soon.
“I ended up buying BTC instead of ETH.
[In my opinion] it was the right decision to focus on Bitcoin over alts. But I think it’s time to probably look at ETH in the short term.”
At time of writing, Bitcoin is up 1.6% and exchanging hands for $43,982. BTC was trading around the $38,000 level on February 28th before lurching upward.
Leading smart contract platform Ethereum has also witnessed a recent boost, rising from the $2,650 level to as high as $3,020 in a 24-hour span. ETH is currently priced at $2,927.
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The post Top Trader Turns Hesitant on Altcoins, Opts for Bitcoin As March Set To Become ‘Month of Variables’ appeared first on The Daily Hodl.