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Home Technical analysis BTC

Proper Altcoin Season While Bitcoin Drops Has Traders “Cautious”

Tony Spilotro by Tony Spilotro
1 month ago
in BTC
Reading Time: 3min read
bitcoin altcoins caution
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The recent “altcoin season” playing out over the last several days while Bitcoin downtrends, has traders “cautious” about what could be next. As for what could possibly lie ahead that has crypto traders so fearful, is an altcoin-led blow-off top that sends crypto back into the troughs of a short-term bear phase.

Here are the unique market factors at hand that could give the crypto market reason to proceed with caution.

Cautious Crypto Trader: Beware Of Possible Blow-Off Top In Alts

Bitcoin is now trading at $35,000 after making another attempt to push above $40,000 yesterday. $5,000 per day candles in either direction are now the norm in crypto trading, but that’s not what has some top analysts and traders spooked about the recent price action.

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Related Reading | The Striking Similarities Between The 2017 Bitcoin Peak And Now

Ever since the peak of the 2017 bull market, have crypto investors been awaiting an altcoin season to bring enormous gains in a matter of days once again. Life-changing wealth was generated, then lost as quickly as it arrived.

The spark to kick this off was supposed to be Bitcoin passing $20,000 but that feat came and went, and only now are altcoins popping off while Bitcoin has begun to downtrend. It has a top crypto trader “cautious” about a potential “blow-off top” in altcoins. And here’s why.

 bitcoin link dot

Chainlink and Polkadot are beginning to eclipse Bitcoin | Source: BTCUSD on TradingView.com

Altcoin Season While BTC Drops Has Marked Past Crypto Market Tops

Crypto trader Johnny Moe is approaching the current price action across crypto, and for good reason. Bitcoin is downtrending, all while altcoins are soaring. Polkadot gained 75% in two days, and Chainlink just set a new all-time high.

Bitcoin and altcoins tend to uptrend together, the handful of times when the two asset types diverged, it has signaled a top was in. Altcoins were recently surging alongside Bitcoin as it pushed above $40,000 and setting new all-time highs, but the latest rally in altcoins is taking place while the leading cryptocurrency by market cap is turning down.

Bitcoin’s rejection at $40,000 recently is the first higher low on daily timeframes in months, and if a lower low is put in, the cryptocurrency will have by definition fallen into a downtrend. Altcoin price action continuing to fly while Bitcoin dives, could be a repeat of the conditions that caused the 2017 peak.

Related Reading | Capital Manager: Ethereum Will Double In Two Weeks Once ATH Is Broken

If this is indeed the top, it might be bad for Bitcoin, but altcoins could have another two more weeks left of momentum and gains before the blow-off top is complete and the rest of the crypto market turns around.

Is this trader right to be cautious? Or is bear market PTSD getting the best of them, and this latest “downtrend” is just another opportunity to buy the dip?

Featured image from Pixabay, Charts from TradingView.com
Tags: altcoinsbitcoinbtcbtcusdBTCUSDTcryptoDOTDOTBTCDOTUSDDOTUSDTLINKBTCLINKUSDlinkusdtxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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