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Home Cryptocurrency news Bitcoin

Elliott Wave Theory: Altcoin Bottom Is In When Bitcoin Dominance Reaches 78%

Tony Spilotro by Tony Spilotro
11 months ago
in Bitcoin, Ethereum, Litecoin, Ripple, Stellar
Reading Time: 2min read
bitcoin dominance altcoin
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Crypto analysts use different tactics to try and predict future price movements in Bitcoin and altcoins. Due to the speculative nature of the emerging asset class, the study of emotion-driven impulses and corrections – called Elliott Wave Theory – can be particularly insightful.

According to one crypto analyst that focuses solely on the practice of Elliott Wave Theory claims that a corrective wave to 78% Bitcoin dominance will send altcoins crashing down once again, but that the target will act as the final bottom for the alternative crypto assets.

Bitcoin Volatility Expected To Further Crush Already Decimated Altcoins

Bitcoin‘s halving is now behind us, and major volatility is expected in the days ahead as Bitcoin price consolidates below the most important resistance level it has ever faced.

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An explosive move to the upside could crush altcoins further. An equally powerful move to the downside also likely won’t bode well for altcoins.

Related Reading | Crypto Analyst Highlights Last Ever Bitcoin Dip Using Elliott Wave Theory

Bitcoin and altcoins experience an unusual and sometimes inverse relationship. Altcoins often thrive the most when Bitcoin trades sideways, for example. This is said to be due to boredom in Bitcoin or profit-taking from BTC flowing into alts.

Whatever the reason, altcoins could be in danger if Bitcoin price experiences an explosive move.

According to one crypto analyst’s take on Elliott Wave Theory, that explosive move could send BTC dominance to 78%, causing another major leg down in altcoins.

The fall would take alts back to 2016 prices, essentially erasing all gains from the moment the crypto hype bubble started.

See you guys at 78% #BTC dominance.. pic.twitter.com/1RUnCEtbGz

— ?The EW Guy (@TheEWGuy) May 20, 2020

Alt Market Bottom: BTC Dominance Could Reach 78% According to Elliott Wave Theory

Elliott Wave Theory focuses on emotion-driven impulses that take place across the market due to normal changes in market cycles and investor sentiment.

Impulse waves can be up or down, and typically consist of five full waves, with waves one, three, and five being in the primary trend direction. Waves two and four are in the opposite direction of the trend and often consist of smaller, sub-waves.

These smaller sub-waves can also be impulsive or corrective. Corrective moves in Elliott Wave Theory can also have five waves but are more commonly three-wave ABC corrections. These corrective waves can run concurrently as part of larger waves taking place across larger timeframes.

Related Reading | Elliott Wave Theory Suggests Crypto May Be Due For Biggest Correction Yet 

Elliott Wave Theory is complex, but has been shown to be reliable for many types of markets, crypto included.

If Bitcoin dominance does rally to the 78% dominance level, altcoins will represent just 22% of the total crypto market. These already crushed crypto assets will be decimated further, and any remaining value will deflate.

When it’s all said and done, however, those who buy the blood will also be buying the bottom, according to the analyst’s take on Elliott Wave Theory.

Tags: altcoinbitcoinbitcoin dominancebtcbtc dominancebtc.dbtcusdBTCUSDTxbtusd
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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 and feel free to drop me a line if you would like to work together.

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