Analyst: Ethereum And Litecoin Forecast One Last Crash Against Bitcoin

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:08 pm

3 mins read

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The crypto market is a confusing space. Not only do investors need to pay careful attention to Bitcoin market cycles driving the overall sentiment, but also to the relationship between BTC and altcoins like Ethereum and Litecoin.

As two of the top altcoins with the most longevity in the market, Ethereum and Litecoin can be reliably used as a barometer of the health of the altcoin space, and if, as a whole, they are exhibiting strength or weakness against BTC. One crypto analyst, looking back at past Bitcoin market cycles, expects there to be one last dip in altcoins before they begin to rally just as hard as BTC has.

Bitcoin Bull Rally Sucks Crypto Capital Out Of Alts

Over the last few weeks, Bitcoin has grown from a bullish retest of $10,000, to over $16,000 and still climbing. The massive “buy signal” caused a wave of retail and institutional FOMO.

Several strong corrections have taken place, but dip buyers present at every collapse have only propelled the cryptocurrency higher.

Fresh fiat is coming in, causing the Bitcoin market cap to balloon. At the same time, crypto capital is coming out of altcoins, and flowing into BTC, according to dominance metrics.

BTC dominance recently reached as high as 66%. It had fallen to as low as 35% shortly after reaching its current all-time high of $20,000.

The expectation of this recurring, is what keeps crypto investors focused on altcoins, hoping to get in ahead of the next “alt season.”

But according to one crypto analyst, alts have one last massive crash in them left at the hands of Bitcoin, before the official alt season begins.

LTCBTC and ETHBTC could provide clues to altcoin capitulation | Source: BTCUSD on TradingView.com

Ethereum and Litecoin Could Indicate One Last Crash In Altcoins, Before Alt Season

A psudononymous trader shared the above chart, putting Bitcoin next to LTCBTC and ETHBTC. The two altcoin trading pairs against BTC superimposed next to the normal BTCUSD price chart, could offer some insight into if altcoins are a buy, or have more downside before the point of maximum financial return.

According to the chart, both Litecoin and Ethereum could experience one last crash due to Bitcoin’s ongoing bullishness.

The two top altcoins are often used to gauge the health of the alt space as a whole, and their weakness against Bitcoin could be telling.

But as was the case with Bitcoin itself, when things get the bleakest, its actually a time to buy.

Altcoin sentiment is likely to sink further against BTC, prompting more and increasingly aggressive selling. When the supply runs dry, however, and things turn around, those who sold could be regretful when alt season is finally here.

Featured image from Deposit Photos, Charts from TradingView.com

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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