BITCOIN

Altcoin ason tu analysis and the impact of a new bitcoin is the highest ever


The value of Bitcoin is potentially far from setting a new all-time high, or just 15% higher than setting a new record. Since the top cryptocurrencies are surprisingly late macro turbulent weather, altcoins have been dramatically damaged and for the most part have been bleeding while BTC is rising.

Alt investors are capitalizing, and transferring their capital to BTC so as not to miss the upcoming last leg. But what exactly does this mean for the ongoing altcoin season? Is this the end? Or another step in Bitcoin – a move that is becoming increasingly clear?

Alt Season, Bitcoin Dominance, and Five Waves Theory Below

Despite being the same class of assets, Bitcoin and Altkin have a very unusual relationship. Top businessmen like Nick Patel have worked year after year to understand the strange, cyclical behavior between BTC and Alt and have had some success.

After the season of such explosive altcoin, the market Is confirmed That music has already stopped, asset prices have soared, and BTC has begun to redistribute power.

Related Reading | How 90-Year-Old Market Wizards Predicted Bitcoin Breakouts

But with the recent tug-of-war on Bitcoin proving to be a little more than a big bull market shakeout, due to the relationship between Alts and BTC, this separation between the two types of crypto assets could be a similar shakeout.

BTC dominance suggests another wave down. | Source: CRYPTOCAP-BTC.D on TradingView.com

Many analysts, such as Tony Carrion of Elliott Wave International, subscribe to the notion that the BTC is about to enter the Wave Five Impulse against the dollar. This would suggest that BTC had just completed a Wave Four, which was ultimately a big bear trap. But what if the Alts are close to finishing a Wave Four against BTC, followed by another Wave? The dominance of BTC says exactly that.

Comparing the total Altcoin market cap with BTC to King shows that Alts may be relatively surprised. The image below shows a similar jolt in motion during the last cycle using LMACD.

Alts are lagging behind BTC in valuation comparatively. | Source: CRYPTOCAP-TOTAL2 on TradingView.com

Which Altcoin will survive against BTC when any retail returns?

Looking at the total crypto market cap and comparing it to the price of Bitcoin, there are some similarities between the two possible points highlighted by the ascending triangle. If valid, the bullish chart pattern will take a similar step – taking the cycle to its peak in both Bitcoin and Altcoin.

An ascending triangle fractal could launch alts to new highs. | Source: CRYPTOCAP-TOTAL on TradingView.com

While so many altcoins have already performed so well, capital can flow very well into other lagging coins, resulting in lower performance in altions that previously worked well.

Related Reading | Astro Crypto: Summer Bitcoin Recession Can Bring High Yields

For example, during the last cycle, although BTC and ETH moved to new heights, it was Litcoin and XRP that performed best during the last leg-up.

Both assets were below the triangle consolidation during the last cycle, and have again left themselves severely behind. Is this time different? Not much has changed from cycle to cycle.

Underperforming altcoins could perform the best in the next wave | Source: CRYPTOCAP-TOTAL on TradingView.com

The dominance aspect of BTC can be deceptive, as the direction of the chart is down when altcoins work well. The rest of the charts, which use the same resources in unique consistency, make a more interesting argument as to why the Altcoin season has not just begun. And the current deviation between BTC and alts is likely to cause the same kind of shock that most of the market fell into the BTCUSD trading pair.

The psychology behind this expectation is that the market has realized that it was wrong about BTC, and is selling USD, alts, anything to get back in position. When Bitcoin returns to new all-time highs and attracts more attention to the market, newcomers will go alt rather than BTC.

The higher the top cryptocurrency is $ 100,000 and above, the less likely it is that institutions or extremely wealthy individuals will carry it. Altcoins will be the next best bet – especially for those who have no sellers left as those who have done substandard work so far.

Follow Ony tonispilotrobTC on Twitter Or through Tonitrade BTC Telegram. Content should not be considered as educational and investment advice.

Featured image from iStockPhoto, Charts from TradingView.com





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