Bye-Bye Bitcoin? Why the Altcoin Bottom is In

Tony "The Bull" Severino

5 years ago

3 mins read

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Throughout 2019, Bitcoin has been mostly bullish, rising as much as 350% from trough to peak, all while the altcoin market has continued to bleed out further.

However, according to one expert crypto analyst, long-term charts are suggesting that the total altcoin market has bottomed. Bitcoin dominance charts also back up the theory, indicating that altcoins will not only soon explode in value, but they’ll outperform the leading crypto by market cap in the short term.

Altcoin Bottom Is In, Claims Crypto Analyst

At the start of the year, both Bitcoin and altcoins like Ethereum, Ripple, and Litecoin, appeared to have bottomed out and began a steady ascent higher. But come April 2019, the two crypto asset types diverged, and Bitcoin went on to have a parabolic rally, all while an altcoin apocalypse unfolded across the crypto market.

The more Bitcoin rose in value, the more altcoin holders – many of which are still holding bags that are down as much as 99% from their previous all-time high – began selling off alts so they could FOMO buy into Bitcoin and not miss out on what could end up being the greatest bull run in the asset’s history and possibly even the history of finance.

But even Bitcoin’s rally topped out, putting the market in a state of confusion. Now that the first-ever cryptocurrency is once again taking a breather, though, it may be the calm before the storm for altcoins that are likely to have finally bottomed, and about to grow substantially in value, outperforming Bitcoin in the very near future.

#TOTAL2 (Mcap w/o $BTC)

HA Candles showing low-volatility period for alts coming to an end.

See the low range on the most two recent green candles?
Think of a taut rope before it snaps.

On the flip side, $BTC.D looks less than bull. Check out the RSI H&S.

Alt Bottom is in. pic.twitter.com/ea7hlfaYjP

— Crypto Thies (@kingthies) November 13, 2019

The idea comes from crypto analyst Crypto Thies, who has shared a chart focusing on the total crypto market cap – sans Bitcoin – and says that recent Heikin-Ashi candles demonstrate a low-volatility phase near its conclusion.

On the total altcoin market chart, indicators are turning upward, volume is rising, and the most recent green candles, according to the analyst, are like a “taut rope before it snaps.” When it snaps, fireworks are expected.

Bitcoin Dominance Backs Up Alt Bottom Theory

The analyst further backs up this theory that the “alt bottom is in” with a chart depicting Bitcoin dominance. Thies says that BTC dominance is no longer looking as bullish as it once was, and a head and shoulders is forming on the weekly relative strength index.

Head and shoulders formations typically represent the early signs of a trend reversal, suggesting that altcoins will soon trend higher and outperform Bitcoin for a sustained period, allowing many of the altcoins still in the gutter to make up for lost ground.

Featured image from Shutterstock

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.

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.