This Leading Altcoin Only Has 8% Chance of Further Decline Against Bitcoin

Tony "The Bull" Severino

5 years ago

2 mins read

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Altcoins have been absolutely dominated by Bitcoin over the last several years of crypto bear market. While the first-ever cryptocurrency has reached nearly 50% of its former all-time high, most altcoins remained down 90% or more.

However, based on probabilities alone, an altcoin recovery that brings the assets more on par with Bitcoin may be brewing. Here’s what the data suggests.

The Incredible Altcoin Boom That Burst The Crypto Bubble

When the mainstream public first learned about Bitcoin in 2017, they FOMOed into the asset driving its price to its peak at $20,000.

At the same time, money-hungry investors bought up any altcoin they could hoping to find ‘the next Bitcoin.’

Altcoins like Litecoin, Ethereum, Ripple, and countless others surged to all-time high valuations.

After the bubble popped, altcoins crashed by 90% or more. Many remain down by nearly as much even today and after nearly three years passing.

Bitcoin, however, has recovered a large portion of its former high.

During 2019, Litcecoin’s halving brought some buzz and momentum back to altcoins. But Bitcoin once again stole the show, rocketing to $14,000 and leaving alts decimated in its wake.

Sentiment in altcoins has never been lower, but based on probabilities alone, a turnaround could soon be coming.

Litecoin Could Soon Lead Alts To Major Recovery Against Bitcoin

Litecoin often acts as a leading indicator for the greater crypto market. It can even tip off traders as to what to expect from Bitcoin or other alts.

It led the initial rally in early 2019 that prompted Bitcoin’s breakout bull run that summer.

Litecoin may once again be providing some interesting clues on what’s to come in crypto.

Litecoin LTCBTC 1M & 3M Divergence, Fisher Transform, TD Sequential | Source: TradingView

The Fisher Transform indicator on the LTCBTC trading pair has given a reading of a -2 deviation. This suggests there’s only a tiny, 8% chance of Litecoin declining further against Bitcoin.

LTCBTC is also at the range low, is extremely oversold, and a perfected TD 9 buy set up triggered on 3-month time frames. The TD Sequential indicator has been highly reliable in crypto trading on lower timeframes like daily and weekly.

The largest timeframes, however, are given the most weight in technical analysis, making the signal that much more important.

This suggests that after 27 months’ worth of downtrend, Litecoin is ready to regain against BTC.

And with the asset commonly acting as a leading indicator for all altcoins, a much-needed alt season could finally arrive.

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.

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