The Cryptomist expressed the view that it might be necessary to wait for one more major drop before buying into altcoins. He warned against the dangers of trying to catch a falling knife, i.e. buying into a price drop and not waiting until it has played itself out.
Here, tweeters discussed a crypto Ponzi scheme that Reddit users say used a fake derivative of the Tron name. It crashed, and some investors committed suicide. The account holder posted a Bitcoin chart showing a breakout and tweeted: “and there’s that breakout, happy days.”
On this channel, account @BitMooney tweeted that Bitcoin’s latest weekly close showed signs of a bull market, adding that it would be silly to short the cryptocurrency now. This was after @Salman78193095 tweeted that the short-term market was bullish, with the current triangle finding support at $11,000 and its top at $13,000.
Rekt Capital posted a chart of Ethereum that showed a breakout over the weekend. He said that this made it possible for a couple of other altcoins to also make a fairly strong move. An hour or two later, however, he made some decidedly negative remarks about the idea of a new altcoin season.
Here, account @lambopeppe predicted that if Bitcoin surges from here on, altcoins will fall by as much as 25%. This was after @SatoshiFlipper tweeted that Bitcoin’s recent breakout nearly destroyed altcoins, adding that altcoins currently comprise only 10% of his portfolio.
The Ponzi scheme in China that used a fake Tron name was hotly debated here. Referring to Bitcoin, the account holder tweeted that it was “Turning out to be a pretty bullish scenario.” Nevertheless, he said he would still buy more cheap altcoins soon.