BTC<\/a>) has entered uncharted waters and that big pullbacks are opportunities for long-term holders.<\/p>\nIn a new strategy session, pseudonymous analyst DonAlt tells his 57,500 YouTube subscribers that the meteoric rise of memecoins as of late suggests that a significant correction is in sight for Bitcoin.<\/p>\n
Although DonAlt expects a Bitcoin pullback, he thinks that spot market exchange-traded funds (ETFs) investors will make the BTC retracement quick.<\/p>\n
\u201cWith the [memecoins] going up this insanely, I think we\u2019re going to get frothy and quick, and I think that can very easily lead to quite a sizable pullback\u2026 If you get a sizable pullback, I would argue $45,000 to $50,000\u2026<\/em><\/p>\nI think that can happen just based on the froth levels that we\u2019re getting but also we are in a new paradigm, as dumb as that sounds like with the ETF. Bitcoin has gotten an entirely new investor base and they are actually investors.\u201d<\/em><\/p>\nAccording to the trader, any Bitcoin pullback at this point would be a gift for long-term investors.<\/p>\n
\u201cI\u2019m not worried because I\u2019d be happy if this thing pulls back a little so I can buy some altcoins. That\u2019s what I want to do: buy some of [these coins] that have been pumping. Dogecoin is smiling at me\u2026<\/em><\/p>\nThe problem is it might just not pull back and then I\u2019m sh*t out of luck, but it is what it is at that point.<\/em><\/p>\nFroth levels [are] high. Bitcoin is at resistance-ish, it\u2019s a really sh*tty resistance, like if we\u2019re talking about the monthly, it\u2019s the third time we\u2019re there. So it doesn\u2019t really make sense to be a [crypto bear] Capo kind of guy being like, \u2018This is the pico top and now it\u2019s going to collapse.\u2019\u00a0<\/em><\/p>\nI think if it\u2019s going to go down and if we get the gift of a larger pullback, that\u2019s the one that you want to be buying and then those entries you want to hold for a while.\u201d\u00a0\u00a0<\/em><\/p>\nAt time of writing, Bitcoin is trading at $68,032, a few percentage points away from breaching its all-time high.<\/p>\n