Strong moves in Bitcoin this week have put altcoins into the process. In the past 24 hours, the leading crypto posted + 8% growth to $ 18.2,000.
Many analysts assume that, given the current shape, Bitcoin will soon break its all-time high. Analyst ConnorNix predicts a retest of $ 17.1,000, followed by a surge to $ 20,000 by tomorrow.
“With the smell of parabolism in the air, you can’t help but draw bullish charts.
Test the orange line again, 17100ish, this was a big resistance on my charts. About 8 a.m. tomorrow.
Then to the purple line which is ATH that same evening, then to the moon!
Bitcoin surprised a lot of people. I hope it will surprise the world. ”
Source: BTCUSD on TradingView.com
Bad news for Altcoin Crypto Markets
Yesterday there was a break for the altcoins, which bled out during Bitcoin’s nearly seven-week rally. Bitcoin dominance dropped to 62%, giving altcoin owners room to breathe.
However, this was short-lived. A sharp reversal today suggests investors continue to steer clear of altcoins in favor of bitcoin. Today, bitcoin dominance offsets all of yesterday’s losses to make an 8% profit.
Currently, Bitcoin market capitalization makes up 67% of total crypto market capitalization.
Source: BTC.D on TradingView.com
The net result only sees a handful of crypto alt tokens winning against BTC. Notable examples are Digibyte (plus 4.5%) and Yearn Finance (plus 3.8%).
The vast majority of alts have declined against BTC, many of which are showing double digit losses.
Source: Top 10 Losers Against BTC on Binance.com
With no sign of Bitcoin easing, altcoins holders brace themselves for further turmoil.
Is the old season coming soon?
All is not lost, however. Analyst @Stillman__ is currently seeing similarities to the previous off-season in the patterns of major crypto altcoins.
He concludes that the ALT / BTC pairs have bottomed or are about to bottom.
“If the alt action is similar to 2016, then alt lows on strong ALT-BTC pairings are likely in or near it. I’m putting a lot of emphasis on the word here because our 2016 samples were all top performers. – USD lows are even more likely. ”
@CryptoMichNL shares a similar view. Like ConnorNix, @CryptoMichNL believes Bitcoin is due for correction. He predicts that this will be followed by weeks of weeks of price movements for the leading crypto, relieving altcoins of the onslaught they have suffered so far.
Following this, he predicts that a definitive Bitcoin decline will precede a new season in January-March 2021.
Seems like a very likely case;
▫️ $ BTC will correct 15-20% shortly, which will discard altcoins. ▫️ A few weeks sideways from #Bitcoin, which makes Altcoins seem like a “relief” by a significant amount. ▫️ Another final drop in $ BTC. ▫️ Mid season January – March 2021. # CRYPTO
– Crypto Michaël (@CryptoMichNL) November 17, 2020
Off-season predictions have grown fast and loose in the three years since the last bull run. All of this turned out to be wrong.
Could this prediction be correct if Bitcoin returns to ATHs, a position that has not been the case at any time in the past three years?