Is Altcoin Season At Door? Here’s What Analysts Say
In a recent tweet, crypto strategist Crypto Ed NL tells 92,000 followers that he has now changed his mind while he has had a downward trend in altcoins since the fourth quarter of 2019, and says:
“Okay guys, I have been disturbing you since I haven’t called an altcoin season since October, but now I can easily dismiss it: This is how an altcoin season begins. Are you ready to roar? ”
The famous trader DonAlt is on the same line. The crypto analyst reveals two suitable scenarios for altcoins, depending on the way Bitcoin operates, and the fireplace says:
“Let’s say BTC is running. Altcoin dollar rate is probably inside. Let’s say BTC is falling, altcoin BTC rates are very close to the bottom. Altcoins fell 99%. I will not be surprised if there is a 50% recovery from here. ”
Technical analyst Rekt Capital reiterates DonAlt’s feelings. The famous trader says that the hype is over for the Bitcoin splitting and altcoins form a local bottom.Last year, between February and June, many altcoins led by Litecoin and Ethereum entered a bullish mode. During this period, Bitcoin rose from $ 4,000 to about $ 14,000.
Trying to schedule the Altcoin market is badly dangerous and many coins have dropped more than 90% from the all-time highs.As crypto strategist Jacob Canfield points out, altcoins often fall on the side of the road while they are doing Bitcoin pump action. In addition, when Bitcoin falls, altcoins tend to be a beating.
At this point, Canfield said, “I recommend to all traders: wait for a return confirmation. Do not try to catch these knives to the end. Wait for Bitcoin to find some stability…. Because altcoins die with a Bitcoin pump. Bitcoin falls, altcoins die a little more… Just wait for confirmation and what I mean by confirmation is to expect a higher level and a lower low level ”.