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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

Ongoing Crypto “Alt Season” Might Spark a Much Bigger Rally in 2021: Analyst

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin altcoin alt season crypto

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Altcoins are blowing up across the crypto market, for the first time in what feels like forever. The rallies are reminiscent of the cryptocurrency bubble of 2017 and could be a sign that a new bull market is forming.

However, one analyst says that the current rally is mere “target practice,” for the full-scale bull run coming for altcoins in 2021.

Altcoins Finally Show Signs of Recovery Against Bitcoin

As Bitcoin took the world by storm with its surge to $20,000, investors flocked to altcoins trying to find the next big thing. Eager investors FOMOed into whatever shiny new crypto asset they could get their hands on.

New crypto assets were created by the day as the bubble grew in size. Investors pumped money into assets they didn’t understand, hoping to strike it rich.

And many did. As powerful as Bitcoin’s rally was, assets like Ethereum, XRP, and countless others pumped much more quickly and strongly.

50,000% returns weren’t uncommon over the course of 2017. Altcoins vastly outperformed Bitcoin, even as the asset was soaring on its own.

Related Reading | Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump

Bitcoin dominance, a metric that weighs the leading cryptocurrency by market cap against that of other assets in the space, broke down. It fell from 97% to 35% dominance in just a little over a year.

But after that peak, altcoins have steadily underperformed Bitcoin for nearly four full years. Bitcoin has recovered nearly 50% of the way to its all-time high in USD, while altcoins remain down by 90% or more in many cases.

On BTC trading pairs, altcoins have fared even worse. But all that has changed recently, with altcoins across the market surging while BTC dominance plummets.

The recent trend change is the first real shot at an alt season in years, but one analyst claims that the real rally will begin next year.

Analyst: Current Alt Season Is Target Practice For Coming 2021 Bull Market

The ongoing alt season has led to Chainlink setting a new all-time high, XRP finally pumping out from downtrend resistance, and altcoins surging everywhere.

Low liquidity small-cap altcoins and DeFi tokens have thus far led the charge, but mid- and large-cap altcoins are primed for a major pump.

This all requires Bitcoin to continue to provide an ideal environment for alts to thrive – which tends to be sideways action that causes investors to search for thrills in altcoins.

And while altcoins are currently trouncing Bitcoin, one analyst claims that all of this is just “target practice” for the rally that’s coming next year.

17/ I consider all of this target practice for next year, when the real face-melting alt moves likely start to kick off.

These are just a few of the weapons worth using.

There are others, new ones are invented all the time, and they just keep getting better. 🔥

— Cole Garner (@ColeGarnersTake) July 8, 2020

In an extensive thread on Twitter, Cole Garner reveals strategies for sniping tops on altcoins. These tactics include watching on-chain analytics and short positions on Binance.

The strategies Garner outlines are in preparation for the coming rally in altcoins that the analyst sees in the year ahead. That’s when “the real face-melting alt moves likely start to kick off,” he says.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

Other analysts expect gains to be much more difficult to come by in the next crypto bull market. However, if its anything like the last bull market, face-melting gains will be commonplace in the altcoin space.

Other signs are also backing up the idea of a new bull market forming. Crypto assets are pumping following exchange listings against, and TikTok users are attempting to pump and dump Dogecoin.

All this is reminiscent of the irrational exuberance that fueled the bubble in 2017. Will lightning strike twice for altcoins?

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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
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