HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Analyst Predicts Crypto Altseason Coming Early Next Year

Crypto 2020/11/18 15:15 by Samuel Wan

Strong moves from Bitcoin this week have rekted altcoins in the process. In the last 24-hours, the leading crypto posted +8% gains to $18.2k.

With its current run of form, many analysts expect Bitcoin to break its previous all-time high soon. Analyst ConnorNix predicts we’ll see a retest of $17.1k, followed by an upswing to $20k by tomorrow.

“With the smell of parabolic-ness in the air, one can’t help but draw bullish charts.

Retest orange line, 17100ish, this was a big resistance on my charts. Tomorrow 8am gmt roughly.

Then up to purple line which is ATH by the same evening then to the moon!

Bitcoin has surprised a lot of people. I’m hoping it’s going to surprise the world 🌎 .”

Bitcoin TA

Source: BTCUSD on TradingView.com

Bad News For Altcoin Crypto Markets

Yesterday saw some reprieve for the altcoins, which have endured bleed out during Bitcoin’s near seven-week rally. Bitcoin dominance fell as low as 62%, giving altcoin holders room to breathe.

However, that was short-lived. A sharp reversal today suggests investors are continuing to shun altcoins in favor of Bitcoin. Today, Bitcoin dominance recovers all of yesterday’s losses to post an 8% gain.

At present, the Bitcoin market cap makes up 67% of the total crypto market cap.

Bitcoin dominance

Source: BTC.D on TradingView.com 

The net result sees only a handful of crypto alt tokens gaining against BTC. Notable examples include Digibyte, up 4.5%, and Yearn Finance, up 3.8%.

The overwhelming majority of alts are down against BTC, many of which are in the double-digit losses.

top 10 crypto altcoin losers against BTC

Source: Top 10 Losers Against BTC on Binance.com 

With no sign of let up from Bitcoin, altcoins holders are bracing for more turbulence ahead.

Is Altseason Coming Soon?

However, all is not lost. Analyst @Stillman__ see similarities, with the previous altseason, in the patterns of major crypto altcoins at present.

He concludes that ALT/BTC pairings have bottomed or are close to bottoming.

If the alt action were to resemble 2016, – then alt lows on strong ALT-BTC-pairings are likely in or close to in. I am emphasizing the word strong here because our samples from 2016 all ended up being top performers. – USD lows are even more likely already in.”

@CryptoMichNL shares a similar view. Like ConnorNix, @CryptoMichNL believes Bitcoin is due a correction. This, he predicts, will be followed by weeks of ranging price movement for the leading crypto, giving altcoins relief from the onslaught they have suffered to date.

Following this, he predicts a final Bitcoin drop will precede a new altseason in January – March 2021.

Predictions of an altseason have come fast and loose during the three years since the last bull run. All of which have turned out wrong.

With Bitcoin inching back up to ATHs, a position that was not the case at any point in the last three years, could this prediction be the one that’s right?

0 Like(s)



You should also read...

Altcoins 15/05/20 03:00 by Cole Petersen
Analysts Think the Worst is Yet to Come for Altcoins as Bitcoin’s Strength Grows
The aggregated crypto market hasn’t been able to capture the full momentum that Bitcoin has experienced in recent times. The flood of funding to Bitcoin suggests that investors are keen on being exp...
Read More
Bitcoin 05/06/20 03:00 by Cole Petersen
Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
Bitcoin’s dominance over the crypto market has remained steady for the past week, although it has been declining since the start of the year. In order for altcoins to garner any type of immense mome...
Read More
Altcoins 07/07/20 14:00 by Samuel Wan
Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low
Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low. Bitcoin dominance year...
Read More
Altcoins 20/10/20 22:00 by Tony Spilotro
Much Ow! Dogecoin Sets New All-Time Low Against Bitcoin On Binance
Dogecoin, a cryptocurrency based on the Shibu Inu meme and often an important health indicator of the altcoin market, has just set a new all-time low against Bitcoin on Binance. What does this potenti...
Read More
Altcoins 25/11/20 11:00 by Nick Chong
Wall Street Investor: The Altcoin Squeeze Might Be Over, Eyes on Bitcoin
Altcoins have strongly outpaced Bitcoin over the past few days. This is a large shift compared to what took place just weeks ago where it was BTC that was leading the market and altcoins that were dow...
Read More