Chorus of Crypto Analysts Predict the Start of Altseason As Bitcoin Consolidates Around $9,000

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As Bitcoin bulls and bears slug it out around the $9,000 price area, a handful of widely-followed analysts say they believe that an altcoin season may be on the horizon.

In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that while he’s been bearish on altcoins since the fourth quarter of 2019, he is now changing his stance.

“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?”

Source: Twitter

Pseudonymous trader DonAlt is on the same page. The crypto analyst paints two favorable scenarios for altcoins depending on how Bitcoin trades.

“Let’s say BTC goes on a run -> alt/usd [pairs] bottom is probably in. Let’s say BTC goes down -> alt/btc [pairs] bottom is very near. Alts went down 99%, I wouldn’t be surprised if they retraced up to 50% of that.”

Technical analyst Rekt Capital echoes DonAlt’s sentiments. The trader says that Bitcoin’s halving hype is over and that altcoins are carving a local bottom.

twitter-tweet” data-width=”500″ data-dnt=”true”>

Immediate Bitcoin Halving hype has died down ✅

Altcoins have reached their local bottoms ✅ #cryptocurrency $BTC $ALTS pic.twitter.com/EjeWwzZiJp

— Rekt Capital (@rektcapital) May 22, 2020

While other analysts see altcoins bottoming out, trader Galaxy believes that altseason is already in progress.

twitter-tweet” data-width=”500″ data-dnt=”true”>

#Altseason progress:

▓░░░░░░░░░░░░░░ 5% pic.twitter.com/CXYMLDhkAD

— Galaxy (@galaxyBTC) May 22, 2020

Last year, between February and June, many altcoins spearheaded by Litecoin and Ethereum went on a rampage. During this period, Bitcoin surged from $4,000 to nearly $14,000.

Trying to time the altcoin market is a notoriously dangerous endeavor, and many coins have been pummeled more than 90% from their all-time highs. As crypto strategist Jacob Canfield notes, altcoins typically fall by the wayside when Bitcoin is pumping. In addition, when Bitcoin drops, altcoins tend to take a beating.

“I would recommend and advise anybody trading: wait for a reversal confirmation. Don’t try and catch these knives all the way down. Just wait for Bitcoin to find some stability…. Because Bitcoin pumps, altcoins die. Bitcoin drops, altcoins die some more… Just wait for confirmation, and what I mean by confirmation is wait for a higher high and a higher low.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.




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XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

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