Crypto Conundrum: Bullish Bitcoin Price Action Halts Altcoin Season In Its Tracks
Late last night, Bitcoin price performed another strong bullish approach through resistance at $5,400, following an enormous crypto rally earlier in the month that set the bullish tone for the remainder of the month’s price action. While Bitcoin is more bullish than it’s been, considering that its all-time high of $20,000 back in December 2017, altcoins, which had been experiencing enormous gains in price over the last couple of months, have actually all of a sudden turned incredibly bearish.
Throughout social networks, crypto experts are providing warnings on how to deal with altcoin properties in the face of renewed bearish belief, and offer insight into what this intimates for the rest of the crypto market.
Bitcoin Price Rally Causes Altcoins To Bleed Out
While Bitcoin’s first big motion through resistance at $4,200 that led to an almost $1,000 upward motion over the course of an hour carried altcoins together with it for the trip, this most recent move has caused an increasing amount of bearish belief surrounding Bitcoin’s crypto relatives.
Lots of altcoins are still posting small portion gains throughout the board in USD value, though almost the whole market in value relative to Bitcoin has actually sunk significantly. Any alts that only have a trading pair with BTC were struck incredibly hard. Nano, Tezos, and a few other outliers endured to grow in relation to BTC value, however, the balance of the market is a sea of red.
The good thing about alts nuking is that the next alt season is going to be that much sweeter.
Just let them go down 30-50% more and then stuff your bags and you’ll be just fine for the next round.
On top of that as long as they nuke holding BTC longs is way comfier.
— DonAlt (@CryptoDonAlt) April 23, 2019
One specific crypto expert, DonAlt, in a tweet referred at the downside potential for altcoins as falling as much as “30-50%” as Bitcoin rallies further. The trader says that alts “wiping out” is a “good thing” as it’ll make the next alt season “that much sweeter.”
Some altcoins, such as Ethereum and Ripple, have underperformed comparable to Bitcoin over the last couple of months. If Ripple fell another 30-50% from here, it would set new bearish market lows, as Bitcoin enters what might be the start of a bull run.
Altcoins: Switching from BTFD to STFB Mode
Another popular trader has actually suggested that crypto financiers cease “buying the dip” throughout altcoins, and rather suggests that traders offer each bounce at support.
don’t btfd on alts, stfb. pic.twitter.com/ItbRD01Lmy
— CryptoGainz (@CryptoGainz1) April 23, 2019
In an EOS chart supplementing the tweet (above), support is clearly revealed as being broken. And each time support broke previously on the chart, resulted in a deep decrease for EOS. While the specific price action will not play out throughout all altcoins, lots of charts do appear similar in structure, and typically the entire altcoin market shifts in parity.
For a couple of weeks there, crypto experts were watching Bitcoin dominance for a break below 50% which might have sparked a full-scale altcoin season, while Bitcoin consolidated even more. Instead, BTC supremacy rebounded and is presently sitting at 53.5% which is responsible for the bleeding witnessed throughout the altcoin space.
If DonAlt is correct about the next altcoin season being that much sweeter due to the upcoming decline across the alt-space, further accumulation at the bottom of the coming range could end up being a lucrative investment for the long term as crypto markets start to develop hype again.
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