Altcoin traders and investors should look for cover if Bitcoin (BTC) undergoes major price declines.So believes Filbfilb, an independent market analyst and co-founder of Decentrader trading suite. In a tweet published late Friday, the pseudonymous entity said a 30% crash in the Bitcoin market could prompt altcoins to drop twice as harder.When Bitcoin consolidated between $50,000 and $60,000 in the March-May period, altcoins exploded. Similarly, the recent correction in the Bitcoin market, which witnessed the flagship cryptocurrency falling from circa $65,000 to as low as $28,000, also had altcoins crash; still, to the levels, they held as support when Bitcoin was stuck in the $50K-$60K range.Bitcoin price vs. altcoin market cap. Source: TradingView, Filbfilb Filbfilb noted that altcoins have been facing a so-called "catchup risk," hinting that even a small downside shift in the Bitcoin market could move altcoins twice lower. The statement appeared as Bitcoin prices plunged to $30,173 following a 15.58% week-to-date downside correction."[Altcoins], therefore, carry significantly more downside risk than Bitcoin with [BTC/USD] threatening lows," tweeted Filbfilb. "If bitcoin were to fall lower, losing another 30% worst case, I'd expect [altcoins] to correct to do 2x worse from here.
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