BUY BITCOIN
Bitcoin and the aggregated crypto markets have been incurring major volatility as of late, with BTC surging to fresh 2019 highs yesterday before rapidly plummeting. During this volatility, most major altcoins failed to match Bitcoin’s gains on the way up, but subsequently plummeted lower when BTC failed to maintain its upwards momentum.
Now, one prominent cryptocurrency analyst is noting that the next Bitcoin bull run may be different than ones seen in years past, as many altcoins may not surge during the next parabolic market cycle, which will lead many of them to die off.
Despite Today’s Drop, Bitcoin is Still in an Uptrend; But Will Altcoins Follow Suit?
At the time of writing, Bitcoin is trading down 13% at its current price of $11,300, down significantly from its 24-hour highs of over $13,500, which were set yesterday right before BTC faced a sudden influx of unexpected selling pressure.
This massive volatility is certainly emblematic of the price movements seen in previous bull runs, and although Bitcoin’s latest drop is certainly bearish, while zooming out and looking at its price action over a one week period, it is clear that bulls are still in control, as BTC is still up from its one-week lows of $9,300.
It is important to note that this volatility has been devastating for the aggregated crypto markets, as many alts did not follow BTC up to fresh year-to-date highs but have mirrored Bitcoin’s latest drop.
At the time of writing, major cryptos including Ethereum, XRP, and Litecoin are trading down 15%, 17%, and 14%, respectively.
Although the latest drop is certainly bearish, Bitcoin Birch – a popular cryptocurrency analyst on Twitter – said in a recent tweet that the latest dip may actually contribute to healthier long-term growth.
“The bear’s case for another shot at cheap $BTC, an $ALT season, and healthier long term growth… Would you buy this dip?” He explained while referencing the below chart.
The bear’s case for another shot at cheap $BTC, an $ALT season, and healthier long term growth…
Would you buy this dip? pic.twitter.com/MaOokWwBhO
— Bitcoin Birch ?? (@BitcoinBirch) June 26, 2019
Will the Next BTC Bull Run Kill Off Many Altcoins?
Although pullbacks may be healthy in the long-run, Peter Brandt, a highly celebrated analyst on Twitter, recently told his nearly 300k followers that they should expect many altcoins to miss the benefits of the next massive Bitcoin bull run.
“Many altcoins benefited from the last bull run in $BTC. Cryptomaniancs expect alts to do so again – they may be very disappointed. 2000.com bubble is analog. Following 2001-02 tech collapse, dotcoms with real value exploded. The ‘alt’ .coms went bankrupt,” he said.
Many altcoins benefited from the last bull run in $BTC
Cryptomaniancs expect alts to do so again – they may be very disappointed
2000 .com bubble is analog
Following 2001-02 tech collapse, dotcoms with real value exploded
The "alt" .coms went bankrupt
— Peter Brandt (@PeterLBrandt) June 27, 2019
As the week begins wrapping up and enters the weekend trading session, it is likely that Bitcoin will begin stabilizing while traders figure out which way it is heading next.
Featured image from Shutterstock.
