Famous analyst Filbfilb explained what will happen to altcoins if Bitcoin loses support.
The leading cryptocurrency Bitcoin (BTC) made a short visit below $30K once again on June 25. These visits, which have only been seen twice since the bull started, indicate that the bull trend may be officially over. Although Bitcoin managed to rise above $31K as of GMT time, whenever BTC is below $30K, it hits altcoins much harder.
The fact that Ethereum, the second largest cryptocurrency by total market value, has declined by $ 1,782 indicates exactly this. Although BTC rebounds above $30K after each drop, at least for now, Ethereum and other altcoins are not picking up as fast as they fell.
The bearish scenario for Bitcoin and altcoins
The famous crypto analyst Filbfilb made a statement that will increase the anxiety of altcoin investors. Filbfilb emphasized that altcoins have actually been declining since the moment Bitcoin was horizontal in the $50K band. Stating that altcoins currently have a higher risk of decline, Filbfilb stated that Bitcoin officially threatens altcoins. According to the famous analyst, if Bitcoin pulls back to lower points, altcoins are likely to pull back to two times lower.
In the worst case scenario, Filbfilb expects BTC to drop another 30%. This means a rapid descent to $20K. According to the analyst’s calculation, this could pull Ethereum down 60% to $700. Altcoins in general are likely to suffer a similar blow.
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