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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Analyst: Bitcoin (BTC) Dominance May Reach 80%, Altcoins Expected to Bleed

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read

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The crypto market is at what may be its most important moment yet. Bitcoin is at weekly resistance  – and its the only thing separating Bitcoin price from reclaiming the previous all-time high of $20,000. Meanwhile, the rally has caused Bitcoin dominance to spike, and if it continues to rise in such a fashion, according to one crypto analyst it could reach an extended “5th wave” and take it to as much as 80% dominance.

The move would almost certainly decimate the altcoin market, which is already on thin ice, following a divergence in the often correlated digital assets that began back in April. 

Bitcoin Price Struggles with $13,000 But FOMO Keeps BTC Dominance Growing

Bitcoin is currently priced at $12,500 after ping-ponging between $10,000 where FOMO first began, and the powerful resistance at $13,800 that rejected Bitcoin’s parabolic climb from the December 2018 bottom at $3,200.

Related Reading | Bitcoin Dominance Reaches Highest Level Since December 2017, What Happens Next?

Along the way in April, when Bitcoin rallied $1,000 in a matter of hours, altcoins began to diverge causing BTC dominance to climb from previous lows. Once it claimed 60% as support, the altcoin market has shown signs that a capitulation event like what was seen with Bitcoin back in November when it fell through support at $6,000.

Things could only be getting worse for the alternative crypto assets, according to one crypto analyst. The analyst shared a chart along with the query “is your portfolio ready for BTC dominance pull an extended 5th wave?”

Is your portfolio ready for BTC dominance pull an extended 5th wave?

If this plays out I expect 80% BTC dominance and alts to bleed like you could NOT imagine.

The corn should be always be a part of your portfolio pic.twitter.com/GUyfBAEgW7

— Murfski (@Murfski_) July 8, 2019

If it does, the analyst says that altcoins – such as Ethereum, Ripple, and Litecoin, will “bleed like you could not imagine,” and leaves a stark warning for investors to always keep a healthy portion of one’s crypto investments in Bitcoin only.

BTC Maximalists Rejoice as Altcoin Market Bleeds Out

While Bitcoin may be a risky, volatile asset all in of itself, Bitcoin is far more favored among investors, especially institutional investors. BTC is also the most regulated crypto asset, and is welcomed by most governments. It also has the strongest brand power, is the most well-known, has a head start advantage, and so many other reasons why Bitcoin would succeed over any of the coins pitched as its replacement.

Related Reading | Crypto Analysts Call For the Death of Altcoins, But It Could Be a Lucrative Buy Signal 

The market regularly shows that Bitcoin maximalism might be the healthiest strategy for investors, and until altcoins capitulate and finally put in their low, they are likely going to continue to vastly underperform Bitcoin in the coming months, especially if BTC dominance pulls this extended 5th wave, which according to Elliott Wave Theory would suggest more upside before the trend begins to correct.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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