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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst Expects 20% Ethereum Drop, Altcoin Capitulation in 2 Weeks

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ethereum altcoin capitulation crypto

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Nothing but carnage has been seen across the altcoin market, with major crypto assets like Ethereum and Ripple falling to fresh lows and causing widespread panic across the space.

While most crypto investors are starting to suspect that a bottom might for altcoins might be set, one crypto analyst says that Ethereum could drop another 20% or more from here, and that “real alt capitulation starts” in just two weeks.

Ethereum to Drop Over 22% Against Bitcoin Trading Pair, According to Analyst

Ethereum holders have already taken a beating since the ICO boom helped bring the price per ETH to as much as $1,400 each. The fall from grace represents an over 85% drop from the previous all-time high, and some skeptics suggest that some altcoins may never again reach their all-time highs – even if Bitcoin were to reach $100,000.

Related Reading | Crypto Investors Believe There’s More Pain Ahead For the Alt Market 

On the flipside, many believe that the recent extreme fear across the altcoin market and accelerated sell pressure suggests that the altcoin market bottom is in, or close to it. “Major cap” altcoins like Ethereum and Ripple have rebounded strongly after falling through long-term support and sweeping to new lows in their BTC trading pairs.

https://twitter.com/macnbtc/status/1163584139762819073?s=21

While some are thinking that the crypto market is on the cusp of an alt season where the lost ground in altcoins will easily be made up against Bitcoin, one crypto analyst sees Ethereum falling yet another 22% relative to Bitcoin via the ETH/BTC trading pair.

Crypto Analyst: Real Altcoin Capitulation Comes in Two Weeks Time

The sentiment surrounding Ethereum and other major cap altcoins like Ripple, have a powerful spillover effect on the rest of the market. These alts can even drag Bitcoin down with them during exceptionally bearish movements that impact the entire crypto market.

Related Reading | Bitcoin and Altcoin Crashes Correlating Could Be Catalyst for Alt Bottom 

Altcoin sentiment has been at an extreme low, with most believing that altcoin holders have been capitulating and dumping their altcoins at a massive loss in order to recoup any remaining value before the asset falls further.

https://twitter.com/macnbtc/status/1163600281348825099?s=21

And while signs a bottom is approaching cannot be denied, most are looking toward either a double bottom or some other sort of event that wipes out the altcoin space entirely. The same crypto analyst who believes another 22% drop in Ethereum is due, also believes that “real alt capitulation” hasn’t yet begun, but will in just a matter of two more weeks from now.

What that entails, the trader doesn’t say, however, the Ethereum chart showing another 20% fall provides clues. Most altcoins are closely correlated – when one falls so do others. This means that if Ethereum drops another 20%, so could the rest of alts, which will bring the total altcoin market cap closer to a double bottom, and bring crypto investors the real capitulation that the analyst warns of.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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