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The Worst Is Yet To Come For Altcoin Market Cap

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
bitcoin crypto altcoin

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Following Bitcoin’s meteoric rise in 2017, retail investors searching for the next Bitcoin loaded up on altcoins and other crypto assets hoping to get in early and strike it rich.

But the bubble popped, and now altcoins are down in some cases as much as 99% from their all-time high prices set back during the peak euphoria of the bull cycle. However, one crypto analyst says that the worst is still yet to come for the altcoin market, and a much deeper drop could be ahead.

Altcoin Apocalypse Hasn’t Started Yet

Bitcoin and altcoins have an unusual relationship, oftentimes diverging in price showing uncorrelated price action, while other times the two asset types rise and fall together in a correlated manner.

2019 kicked off with both asset types bottoming out and going on to rally shortly thereafter. But once April 2019 hit, the two crypto asset types diverged and have yet to become correlated once again. Bitcoin went parabolic, gaining as much as 350% at the first-ever cryptocurrency’s local 2019 high, meanwhile, most altcoins suffered huge losses in their BTC ratios, and some even went on to set new bear market lows.

Related Reading | Crypto Market Carnage: Altcoins A Sea of Red As Bitcoin Breaks Down 

Many were calling the capitulation event the altcoin apocalypse, and talk about the asset classes’ demise became commonplace.

Alts have since begun to rebound once again, reviving some of the bullish sentiment the asset class once enjoyed, even despite still being down as much as 80% or more in many cases.

However, even though altcoins have taken an extreme beating, second only to altcoin investors themselves stuck holding increasingly heavy bags, one crypto analyst believes that the worst is yet to come for the altcoin market, with a deep fall to lower support a strong possibility in the weeks ahead.

I don't understand why people think that once $BTC starts dumping it's going to be alt season.

Alt marketcap looks terrible and seems like the worst is yet to come. pic.twitter.com/5BCC2N6OJs

— the dude (@cryptodude999) November 27, 2019

According to one prominent crypto analyst, the altcoin market cap failed to break back above former support turned resistance, was rejected, and is now heading back to support dating back to the 2017 crypto bull market. In fact, the analyst believes that if that support level fails, the altcoin market cap, which includes all crypto assets in the market sans Bitcoin, could fall to support from 2013, essentially wiping out the last five years of gains these assets have experienced.

While many altcoins are already down 99% from their all-time high prices, it doesn’t mean that the price of these assets cannot fall further if any remaining value is sucked out of the market in a massive sell-off.

Related Reading | Crypto Analyst: Altcoin Apocalypse Caused Bitcoin Bear Market 

If the altcoin market falls to such depths, the cryptocurrency industry and technology may be considered a failed experiment, possibly only leaving Bitcoin and a select few others standing as a result. However, if the total altcoin market cap can break out of downtrend resistance and reclaim former horizontal support turned resistance, such a sell-off would turn into FOMO, and possibly a full-blown alt season.

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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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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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