Crypto Analyst: Potential 50% Drop Could Put Altcoins on Flash Sale

Tony "The Bull" Severino

1 year ago

3 mins read

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During Bitcoin’s 2019 bull rally, altcoins have mostly suffered, struggling to regain lost ground in USD value and dropping further in their relative ratio against BTC.

The allure of a potential “alt season” has crypto investors buying every dip, however, one crypto analyst claims that a flash sale may be ahead in the crypto market, where altcoins like Ethereum, Ripple, Litecoin, and others drop another 50% in value.

Altcoins May Drop Another 50%, Bottom in November According to Crypto Analyst

Altcoins have had it hard in 2019. While there are a few standouts such as Litecoin that saw over 600% gains at one point due to its pre-halving hype pump, and Chainlink, most altcoins have only fallen lower in terms of their USD and BTC values.

With Bitcoin rising to new 2019 highs and possible embarking on its next bull run, altcoins have been bleeding out and capitulating and crypto investors dump their declining altcoin holdings in fear of missing out on Bitcoin bull run gains.

In the past, once Bitcoin began its bull run, altcoins also skyrocketed and outperformed Bitcoin, resulting in what many refer to as an “alt season.” The promise of alt season gains keeps crypto investors buying the dip, even as they reach new low after low.

Altcoins

Ready to buy 50% cheaper?

November😎#bitcoin #btc #btcusd #altcoins #crypto pic.twitter.com/Qya2azzCfH

— RQuantrillo (@rogerquantrillo) August 8, 2019

One crypto analyst believes that there’s at least one more 50% dip ahead in altcoins before they bounce at the bottom of the ascending channel the altcoin market cap has been in since it first began.

Bitcoin Rebounds From Bubbles, But Will ICOs and Alts Become The Next Tulips?

The last few times the total crypto market cap sans Bitcoin touched the bottom of the ascending channel, it bounced powerfully higher, and after repeated tests of support, alt season finally began.

Looking at the current downtrend channel, altcoins may find their bottom in November 2019, if the bottom of the ascending channel holds as support once again. If the channel doesn’t hold as support, the altcoin market may end up doomed completely.

While Bitcoin has repeatedly shown that it can bounce back from every bubble, ICOs, for example, are an example of a bubble likely never to repeat. The ICO boom was responsible for much of the growth in the crypto market cap – not including Bitcoin – and was a primary driver behind Ethereum’s bull run in 2017.

Bitcoin has once again rebounded from its bottom, while altcoins have only continued to suffer. With Bitcoin’s bull run beginning, alts are at an important make it or break it a moment, and will soon either bottom for good and bounce, or will be by Bitcoin entirely.

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.