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Altcoin Trader: Alt Bitcoin Bear Cycle Almost Over, 600% Gains During Bull Cycle Expected

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
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While Bitcoin has the entire crypto world watching in shock and awe as the seemingly unstoppable rally continues, its crypto cousins in the altcoin market have only further dropped relative to their BTC ratio.

However, according to previous altcoin/BTC bear cycles, an end to the carnage may be in sight. And once the bearish momentum eases up, the following uptrend has brought investors over 600% gains once altcoins join Bitcoin in a bull run.

Altcoin Bear Cycle Coming to a Close as Drawdown Nears Peak

Due to Bitcoin being paired with altcoins on most exchanges, the two crypto asset types have a closely tied relationship between one another, however, the relationship between altcoins and their big brother Bitcoin is a confusing one. At times, they rise and fall in a completely correlated way, while other times they appear to grow or decline inverse from one another.

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As soon as Bitcoin broke through resistance at $4,200 at the start of April, causing the crypto asset to rally nearly 100% to over $8,300, altcoins diverged, and hard. While Bitcoin rose, most altcoins fell significantly in their ratios relative to BTC.

Related Reading | Experienced Altcoin Trader Outlines Expectations For Bitcoin and Alt Bull Cycles

While Bitcoin has went on to set new yearly highs, altcoins continue to set new yearly lows in their BTC ratios. The total altcoin market cap drawdown has been 66.5% so far, according to experienced altcoin trader Nik Patel, who is the author of the book an Altcoin Trader’s Handbook.

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Couple of fun facts:

– Of the previous 4 ALTBTC bear cycles, the average drawdown has been 69.7%. The current drawdown of this ALTBTC bear cycle is 66.5%.

– The average growth experienced across the past 5 ALTBTC bull cycles was 617%.

— Nik Patel (@cointradernik) May 14, 2019

The trader says that during the four previous “ALTBTC bear cycles,” all have had an average drawdown of nearly 70% – a mere 3 and a half percentage points away from current levels. This could indicate that the selling pressure is almost exhausted, and that a new bull cycle could begin.

If and when a bull cycle does come to fruition in the alt market, according to the altcoin trading professional, the average growth experienced has resulted in bringing investors as much as 617% gains. Such gains would bring the price of Ethereum to over $1,200 and near its previous all-time high, and the price of Ripple to $2.40 cents per XRP. Litecoin would be priced at well over $500 per LTC.

Related Reading | Altcoin Trader: Alt Market Cap Shows Longest Accumulation Phase Yet

Gains of such nature haven’t been witnessed in the crypto market since the start of 2018. After that, the market crashed and the longest bear market on record ensued. It’s only now that the early stages of a new bull market have started, with the first ever cryptocurrency Bitcoin leading the charge, that such growth in the market has started showing signs of life once again. If altcoins can rally similarly to Bitcoin from here, the crypto bull market will be back, and the price of cryptocurrencies could reach new all-time highs across the board.

Featured image from Shutterstock
Tags: altcoinaltcoinsbear cyclebitcoinnik patel
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. 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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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