Crypto Analyst: Dont Expect Altcoin Season Until New Bitcoin All-Time High

Since the start of 2019, crypto investors and traders have been watching and waiting for the promise of alt season, a period in which altcoins outperform Bitcoin significantly. There have been a few glimmers of an alt season starting, but Bitcoins parabolic rally has stopped it short in its tracks.

A real alt season may still be aways off, and not until Bitcoin reaches a new all-time high, according to one prominent crypto analyst and if past performance can help predict the future.

Is Alt Season Almost Two Years Away Still? Depends on Bitcoin All-Time High

Bitcoin continues to rise, yet altcoins continue to bleed out both in USD value and relative to their BTC trading pairs. Crypto traders are dumping their alts into the first ever cryptocurrency, either due to FOMOing into Bitcoins rally, or through derisking in the face of mounting regulatory pressure and one of the largest crypto exchanges eventually cutting off a portion of its userbase.

Related Reading | Clearing Up the Crypto Confusion For US-Based Binance Traders of Altcoins

The increased sell pressure on alts has helped Bitcoin break through resistance, completely ignored a massive head and shoulders pattern the market was eyeing, and continued on its rally towards $10,000.

However, according to one crypto analyst, the leading crypto by market cap will need to push even higher in the coming days for alt season to occur once again.

According to the trader, the first real alt season stared after Bitcoin set a new all-time high back in February 2017. The previous all-time high had been set back at the top of the 2013 bull run peak, where Bitcoin had reached over $1,o00 for the first time.

In February 2017 when Bitcoin breached that number for the first time, a real alt season kicked off that saw Litecoin increase by 700%, Stellar gain as much as 3200%, Ethereum grow by 1060%, and Ripple explode a staggering 5300%.

Related Reading | Crypto Analysts: Ripple Most Bullish USD Chart, XRP Target 2000% Gains

All of this happened after the Bitcoin halving, which is still 339 days away. Its surprising that alt season may be so far off, as altcoins have been in their longest accumulation pattern yet. Regardless of the timeframe, most crypto analysts agree that at least three of the four aforementioned altcoins are primed for a massive movement upward, both in USD value and relative to BTC. These coins are expected to greatly outperform Bitcoin in the coming months.

Also, its important to note that the Bitcoin halving is still 339 days away, but both bottoms Bitcoin and alts formed about 530 days before the Bitcoin halving. This means that any potential alt season could be as far as nearly two years away.

But as weve seen with Bitcoin transitioning from bear market into bull, the momentum this time appears to be stronger now that institutions have become involved, and the market cycle seems to be increasing in rate. Should this be the case, much like Bitcoin left lows sooner than expected, an alt season may also arrive sooner than anyone is prepared for.

The post Crypto Analyst: Dont Expect Altcoin Season Until New Bitcoin All-Time High appeared first on NewsBTC.

18.06.2019 / 14:20 59
Crypto Alt Season Expected, But Has Margin Trading and IEOs Captured Retail Money? Crypto Alt Season Expected, But Has
Its been a common thread throughout 2019 thus far: alt season. Crypto traders and analysts have been calling for a prolonged period where Bitcoins
Bullish Bitcoin Altcoin Carnage Continues, Analyst Says Capitulation Just Beginning Bullish Bitcoin Altcoin Carnage
Bitcoins early April 2019 rally through resistance at $4,200 halted the ongoing altcoin season in its tracks, and following the latest upward move in
Crypto Conundrum: Bullish Bitcoin Price Action Halts Altcoin Season In Its Tracks Crypto Conundrum: Bullish Bitcoin Price
Overnight last night, Bitcoin price made another strong bullish advance through resistance at $5,400, following a massive crypto rally earlier in the
Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet Altcoin Trader: Alt Market Cap Shows
Over the last few months, crypto traders and analysts have been ranting and raving about an apparent alt season, that saw the price of many altcoins
Alt Season Resumes as Bitcoin Price Continues Upward Climb Toward $6,000 Alt Season Resumes as Bitcoin Price
Crypto bulls have been dominating the price action as of late, with many altcoins posting 100% or more gains since they reached their bear market
Crypto Comeback: One Simple Chart Proves Altcoin Season Is Upon Us Crypto Comeback: One Simple Chart
The entire cryptocurrency industry is buzzing now that Bitcoin may have bottomed and a number of altcoins have started to break through downtrend
Comments (0)
Add a comment
Comment on