The post These 5 Altcoins See Massive Surge When Bitcoin Hits $30K Soon! appeared first on Coinpedia Fintech News
Tom Busby, a well-known cryptocurrency expert, has shared his thoughts on the possible increase in popularity of alternative cryptocurrencies as Bitcoin gets closer to reaching $30,000. Busby believes that because of the current banking crisis and uncertainty surrounding the Federal Reserve’s interest rate hikes, more investors might turn to cryptocurrencies, causing a surge in demand
Five Altcoins to Watch Out For
Busby suggests that these five coins are worth keeping an eye on:
- Conflux (CFX): This coin has risen by 201.92% in the last 30 days and is showing signs of continued upward momentum, likely due to China’s narrative around the coin.
- Stacks (STX): Another coin with an impressive track record of gains, Stacks has seen significant price action and may have more potential if it retraces back to around $0.92 – $1.00 before moving higher.
- Ethereum (ETH): Ethereum is expected to perform well in the coming weeks and months, particularly with the upcoming Shanghai update. Tom Busby suggests that ETH could reach $5,000 – $7,000 by the end of the year if a bull run occurs.
- Immutable X (IMX): This coin has already seen impressive gains and may have more potential if it retraces back to around $0.94 – $1.14 before moving higher toward $2.00 and beyond.
- Binance Coin (BNB): With its strong utility and connection to the Binance exchange, BNB is expected to continue its upward trend and may reach $397 soon, according to Tom Busby.
Why These Altcoins Have Potential
Tom Busby relies on technical analysis to identify these altcoins as the ones with the most potential for gains. For example, he uses the Pivot Point Super Trend Indicator to analyze each coin’s price action and identify potential buying and selling opportunities. Additionally, he looks at the historical performance of each coin to make his predictions.
Overall, Tom Busby suggests that investing in old coins such as these five altcoins can offer significant potential for gains. However, he also advises investors to practice risk management and not invest more than they can afford to lose.
The Importance of Bitcoin’s Performance
While Tom Busby highlights the potential for gains with these altcoins, he also stresses that their performance is heavily dependent on Bitcoin’s performance. If Bitcoin crashes, these altcoins will likely follow suit. Therefore, investors should closely monitor Bitcoin’s movements before making any investment decisions.
Investing in cryptocurrency is always a risky venture, and it’s important to do your own research and practice risk management. However, Tom Busby’s analysis offers valuable insights into which altcoins may have the most potential for gains in the coming weeks and months.