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Bye-Bye Bitcoin? Why the Altcoin Bottom is In

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

Throughout 2019, Bitcoin has been mostly bullish, rising as much as 350% from trough to peak, all while the altcoin market has continued to bleed out further.

However, according to one expert crypto analyst, long-term charts are suggesting that the total altcoin market has bottomed. Bitcoin dominance charts also back up the theory, indicating that altcoins will not only soon explode in value, but they’ll outperform the leading crypto by market cap in the short term.

Altcoin Bottom Is In, Claims Crypto Analyst

At the start of the year, both Bitcoin and altcoins like Ethereum, Ripple, and Litecoin, appeared to have bottomed out and began a steady ascent higher. But come April 2019, the two crypto asset types diverged, and Bitcoin went on to have a parabolic rally, all while an altcoin apocalypse unfolded across the crypto market.

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Related Reading | List of Crypto All-Time High Prices Shows How Far Market Must Recover 

The more Bitcoin rose in value, the more altcoin holders – many of which are still holding bags that are down as much as 99% from their previous all-time high – began selling off alts so they could FOMO buy into Bitcoin and not miss out on what could end up being the greatest bull run in the asset’s history and possibly even the history of finance.

But even Bitcoin’s rally topped out, putting the market in a state of confusion. Now that the first-ever cryptocurrency is once again taking a breather, though, it may be the calm before the storm for altcoins that are likely to have finally bottomed, and about to grow substantially in value, outperforming Bitcoin in the very near future.

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#TOTAL2 (Mcap w/o $BTC)

HA Candles showing low-volatility period for alts coming to an end.

See the low range on the most two recent green candles?
Think of a taut rope before it snaps.

On the flip side, $BTC.D looks less than bull. Check out the RSI H&S.

Alt Bottom is in. pic.twitter.com/ea7hlfaYjP

— Parabolic Thies ♔ (@KingThies) November 13, 2019

The idea comes from crypto analyst Crypto Thies, who has shared a chart focusing on the total crypto market cap – sans Bitcoin – and says that recent Heikin-Ashi candles demonstrate a low-volatility phase near its conclusion.

On the total altcoin market chart, indicators are turning upward, volume is rising, and the most recent green candles, according to the analyst, are like a “taut rope before it snaps.” When it snaps, fireworks are expected.

Bitcoin Dominance Backs Up Alt Bottom Theory

The analyst further backs up this theory that the “alt bottom is in” with a chart depicting Bitcoin dominance. Thies says that BTC dominance is no longer looking as bullish as it once was, and a head and shoulders is forming on the weekly relative strength index.

Related Reading | Published Author and Altcoin Trader Highlights 5 Crypto Set to Outshine Bitcoin

Head and shoulders formations typically represent the early signs of a trend reversal, suggesting that altcoins will soon trend higher and outperform Bitcoin for a sustained period, allowing many of the altcoins still in the gutter to make up for lost ground.

Featured image from Shutterstock
Tags: altcoinbitcoinbottombtc dominancecrypto
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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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