Crypto Analyst: Potential 50% Drop Could Put Altcoins on Flash Sale
During Bitcoins 2019 bull rally, altcoins have mostly suffered, struggling to regain lost ground in USD value and dropping further in their relative ratio against BTC.
The allure of a potential alt season has crypto investors buying every dip, however, one crypto analyst claims that a flash sale may be ahead in the crypto market, where altcoins like Ethereum, Ripple, Litecoin, and others drop another 50% in value.
Altcoins May Drop Another 50%, Bottom in November According to Crypto Analyst
Altcoins have had it hard in 2019. While there are a few standouts such as Litecoin that saw over 600% gains at one point due to its pre-halving hype pump, and Chainlink, most altcoins have only fallen lower in terms of their USD and BTC values.
Related Reading | Altcoins May Never Again Reach All-Time High, Even if Bitcoin Hits $100K
With Bitcoin rising to new 2019 highs and possible embarking on its next bull run, altcoins have been bleeding out and capitulating and crypto investors dump their declining altcoin holdings in fear of missing out on Bitcoin bull run gains.
In the past, once Bitcoin began its bull run, altcoins also skyrocketed and outperformed Bitcoin, resulting in what many refer to as an alt season. The promise of alt season gains keeps crypto investors buying the dip, even as they reach new low after low.
One crypto analyst believes that theres at least one more 50% dip ahead in altcoins before they bounce at the bottom of the ascending channel the altcoin market cap has been in since it first began.
Bitcoin Rebounds From Bubbles, But Will ICOs and Alts Become The Next Tulips?
The last few times the total crypto market cap sans Bitcoin touched the bottom of the ascending channel, it bounced powerfully higher, and after repeated tests of support, alt season finally began.
Looking at the current downtrend channel, altcoins may find their bottom in November 2019, if the bottom of the ascending channel holds as support once again. If the channel doesnt hold as support, the altcoin market may end up doomed completely.
Related Reading | Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed
While Bitcoin has repeatedly shown that it can bounce back from every bubble, ICOs, for example, are an example of a bubble likely never to repeat. The ICO boom was responsible for much of the growth in the crypto market cap not including Bitcoin and was a primary driver behind Ethereums bull run in 2017.
Bitcoin has once again rebounded from its bottom, while altcoins have only continued to suffer. With Bitcoins bull run beginning, alts are at an important make it or break it a moment, and will soon either bottom for good and bounce, or will be byBitcoin entirely.
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