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Home Cryptocurrency news Bitcoin

Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cardano, Cryptocurrency news, Ethereum, Litecoin, Ripple
Reading Time: 3min read
bitcoin altcoin season crypto
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As difficult it may be to believe, you’ve read that headline accurately – altcoins may finally be ready to break out against Bitcoin and bring the battered and beaten asset class more in line with the recovery the number one cryptocurrency has had.

The first shot fired came today with the latest Bitcoin price flash crash, which appears to have been whales taking profit into altcoins ahead of an upcoming altcoin season.

Bitcoin Flash Crash Potentially Sees Captial Flow Into Alts

This afternoon, Bitcoin price plummeted over $600 in less than five minutes in a dramatic flash crash.

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Crypto traders and investors scrambled to dump the asset without taking a larger loss in the selloff, further causing a cascade effect. The move also liquidated over $220 million worth of long positions on the notorious crypto margin trading platform BitMEX.

What wasn’t as obvious, however, is the fact that much of the capital leaving BTC may have made its way into altcoins like Ethereum, Ripple, Chainlink, and others.

Related Reading | Crypto Exchange Coinbase Fails To Stay Operating During Explosive Market Volatility 

Last night’s pump into Bitcoin saw a crash in altcoins that almost immediately recovered. As buyers further drove up the price of the first-ever cryptocurrency, a large player kicked off today’s selloff and potentially started a trend reversal.

Coinciding with the selloff in Bitcoin, on the total altcoin market paired against BTC, altcoins pumped while Bitcoin dumped at the exact same moment the leading cryptocurrency asset crashed on the USD trading pair.

bitcoin altcoin season crypto

The number one crypto trading sideways is the prime environment for altcoins to thrive in, and a full-blown altcoin season is long overdue. It’s been well over a year since altcoins truly saw the upside, not counting the early 2020 rally that almost immediately got wiped out in the Black Thursday market collapse.

Falling Wedge Breakout And Historical Recurrence Suggest Altcoin Season Is Finally Here

An altcoin season may soon be upon us, according to chart and date patterns.

Markets are cyclical and history often repeats. There are also strange correlations around dates that don’t always make sense.

For example, the BTC block reward halving which is said to be incredibly bullish for Bitcoin in terms of supply and demand appears to be a trigger for a powerful altcoin season.

Related Reading | Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night’s Rally Erased

After the asset bottomed out in 2015, come July 2016 when it reached its halving, Bitcoin crashed while altcoins began their first-ever rise into superstardom.

From that breakout moment to the very tip-top, altcoins grew over 10,000% against BTC. Meanwhile, Bitcoin also rose to $20,000, showing just how strong performance in altcoins was by comparison.

bitcoin altcoin season crypto

Although sentiment in altcoins remains in the gutter, and Bitcoin sentiment has never been stronger. The asset’s recent crash dumping into altcoins, a repeating pattern matching the last halving, and a massive falling wedge on the monthly timeframe on the altcoin/BTC chart indicate that altcoins will once again outperform the first-ever cryptocurrency for a sustained period.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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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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