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The calls for a Bitcoin correction have been getting stronger. Talk of altseason has also started to intensify as many expect the daddy of crypto to take a breather sooner or later. Altcoins have generally been battered during this recent digital gold rush but that could all change if BTC pulls back.
Bitoin Bounces From Flash Crash
Just a few hours ago Bitcoin proved that massive swings and extreme volatility is still ever present. Another new high of $13,800 was hit before a flash crash wiped out almost 15 percent in just over an hour. BTC dumped $2,000 back to $11,800 as some major exchanges, such as Coinbase and Binance, reportedly suffered outages.
https://twitter.com/MoonOverlord/status/1143985498530205696
The rout didn’t last long and Bitcoin was soon back on its digital feet trading above $13,000 again. At the time of writing the volatility shock appears to have settled with BTC hovering around $12,300.
Bitcoin Correction to Ignite Altseason?
Many are asking whether this insane volatility is the beginning of a Bitcoin correction and if it will spur the launch of the altcoin trading season. Quoting Ikigai Asset Management chief Travis Kling, analyst Luke Martin observed how few huge green daily candles Bitcoin has had and what immediately followed.
“I’m not sure how many +15-20% daily candles Bitcoin has ever had but they can’t last forever. There was one on Dec. 7th (from 13k -> 17k) that was followed by a 20% pullback the very next day.”
Wise words from @Travis_Kling.
I'm not sure how many +15-20% daily candles Bitcoin has ever had but they can't last forever.
There was one on Dec. 7th (from 13k -> 17k) that was followed by a 20% pullback the very next day. https://t.co/3aMCkoQuhp
— Luke Martin (@VentureCoinist) June 26, 2019
If Bitcoin pulls back below five figures momentum is likely to swing into the altcoins which have been lack luster of late. Now that the bull market has been initiated, all crypto assets are likely to increase for the rest of this year and beyond. Fundstrat’s Tom Lee is in agreement that the time of the altcoins could be almost upon us. Quoting crypto traveller ‘Heidi’, Lee concurred;
“This ALT season reminds me of the early days of the 2017 bull. Some will pop, some will stay quiet until they don’t. However I am now seeing a lot of small caps exploding higher.”
There will be an alt season… https://t.co/lLJKKprbAv
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) June 26, 2019
As reported by NewsBTC yesterday, crypto warlord John McAfee also thinks that altcoins could be about to surge, some making tenfold gains, he tweeted:
“The real winners, beginning soon, will be the altcoins 10x + the rise in Bitcoin. Top of the heap will be the ones most beaten down in the Bear Market”
A lot of the lower cap altcoins have been gaining double digits recently; however most are in the red today following Bitcoin’s flash crash. Those getting battered at the moment include Crypto.com Chain, Zilliqa, VeChain, BSV, BTG, Cosmos, and EOS. If all predictions ring true and history rhymes, many of them will not be on the floor for long.
Image from Shutterstock
