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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Altcoins Break Out Against Bitcoin After Six Months Of Sideways

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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Created by industry experts and meticulously reviewed
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The crypto market is currently the most explosive its been since the 2017 crypto bubble, with Bitcoin and individual altcoins smashing through downtrend resistance and going on insane rallies.

Altcoins have also broken out against Bitcoin after six full months of sideways trading, suggesting that an alt season is on the horizon.

Altcoins Finally Break Out of Six Month Sideways Trading Range

Bitcoin’s meteoric rise took the world by storm and caused a frenzy of buying not only Bitcoin but other cryptocurrencies across the altcoin market hoping to discover the next Bitcoin and strike it rich.

But irrational exuberance caused asset prices to outpace realistic valuations of the new, emerging technologies, and eventually, the bubble popped and crypto prices collapsed.

Related Reading | Global Altcoin Breakout Could Usher Return of Alt Season Crypto Riches

The fallout caused a two-year-long bear market across the crypto space, but altcoins were hit far harder than Bitcoin.

While Bitcoin rallied in mid-2019, alts bled out further, kicking off six months of sideways trading under downtrend resistance. The capital flight from altcoins helped Bitcoin reach as high as $14,000 before the leading cryptocurrency by market cap took a breather and fell into a downtrend of its own.

With both Bitcoin and the alt market breaking out from downtrend resistances, talk of a new crypto market bull run is back in effect.

However, according to the alt/BTC chart, weighting the entire altcoin market against Bitcoin dominance, altcoins are not only breaking out from a downtrend against the dollar, but they’re breaking out of a six-month-long sideways trading range against the first-ever cryptocurrency.

altcoins bitcoin alt btc chart

On the alt/BTC price chart, altcoins can be seen breaking out from horizontal resistance that has kept the alternative crypto assets locked in a tight, sideways trading range.

The breakout could cause altcoins to surge against Bitcoin, bringing to light what crypto investors call an “alt season.” An alt season is a period of time when altcoins outperform Bitcoin by a wide margin and often go on insane rallies that make investors rich almost overnight.

But Wait! Bitcoin Could Crush Alts Further If History Repeats

But before altcoin holders can fully celebrate, zooming out on the same price chart paints a more ominous picture.

altcoin bitcoin alt btc chart

Alt/BTC charts show that the same sort of price pattern had played out previously, resulting in a break above overhead horizontal resistance, only to fall back below it, penetrate support, and fall to a deeper trading range. Both sideways trading ranges lasted roughly the same amount of time and traded across the same percentage range. The price action even looks eerily similar. 

Related Reading | Alt Season Cancelled: XRP, Ethereum, and Litecoin All Trigger Sell Signal 

Should this happen, a significant amount of value would be erased from the altcoin market cap, setting the asset class back by years. Such an event would be catastrophic for the already battered altcoin market.

But although history often repeats, it doesn’t always, and this time could be different for the alt market.

Featured image from Shutterstock
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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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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