These 5 Altcoins See Huge Rise As Bitcoin Hits $30K Soon!
Tom Busby, a well-known cryptocurrency expert, has shared his thoughts on the possible rise in popularity of alternative cryptocurrencies as Bitcoin approaches $30,000. Busby believes that due to the current banking crisis and the uncertainty surrounding the Federal Reserve’s interest rate hikes, more investors may turn to to cryptocurrencies, causing an increase in demand
Five Altcoins to Watch Out for
Busby suggests these five coins are worth keeping an eye on:
- Conflux (CFX): This coin is up 201.92% in the last 30 days and is showing signs of continued upward momentum likely due to China’s narrative surrounding the coin.
- Stacks (STX): Another coin with an impressive track record of gains, Stacks has seen significant price action and could have more potential if it bounces back to around $0.92 – $1.00 before moving higher.
- Ethereum (ETH): Ethereum is expected to perform well in the coming weeks and months, especially with the upcoming Shanghai Update. Tom Busby suggests that ETH could reach $5000 – $7000 by the end of the year if a bull run occurs.
- Immutable X (IMX): This coin has already seen impressive gains and could have more potential if it bounces back to around $0.94 – $1.14 before moving higher towards $2.00 and beyond.
- Binance Coin (BNB): With its strong utility value and association with the Binance exchange, BNB is expected to continue its upward trend and may soon reach $397, according to Tom Busby.
Why These Altcoins Have Potential
Tom Busby relies on technical analysis to identify these altcoins as those with the greatest 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. In addition, he looks at the historical performance of each coin to make his predictions.
Overall, Tom Busby suggests that investing in old coins like these five altcoins can offer significant profit potential. 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 emphasizes that their performance is heavily dependent on Bitcoin’s performance. If Bitcoin crashes, these altcoins will likely follow. Therefore, investors should monitor Bitcoin’s movements closely before making investment decisions.
Investing in cryptocurrency is always a risky venture and it is important to do your own research and practice risk management. However, Tom Busby’s analysis provides valuable insight into which altcoins may have the greatest potential for gains in the coming weeks and months.
