As Bitcoin bulls and bears erode around the $ 9,000 price area, a handful of widely followed analysts say they think an altcoin season is on the horizon.
In a recent tweet, crypto strategist Crypto Ed NL tells his 92,000 followers that although he’s been bearish on altcoins since the fourth quarter of 2019, he’s now changing his stance.
“Okay guys, I’ve been annoying you all since October and say” no altseason, “but … That’s how an altseason starts. Ready to mess around?”
The pseudonymous trader DonAlt is on the same page. The crypto analyst to paint two favorable scenarios for altcoins depending on how Bitcoin is trading.
“Let’s say BTC is on the run -> alt / usd [pairs] bottom is probably inside. Let’s say BTC goes down -> alt / btc [pairs] bottom is very close. Alts dropped by 99%, I wouldn’t be surprised if they came back up to 50%. “
Technical analyst Rekt Capital repeats DonAlt’s feelings. The trader says Bitcoin’s halving hype is over and altcoins are cutting a local bottom.
Immediate Bitcoin Halving hype has disappeared ✅
– Stretch Capital (@rekcapital) May 22, 2020
While other analysts see altcoins bottoming out, trader Galaxy believes that altseason is already underway.
▓░░░░░░░░░░░░░░ 5% pic.twitter.com/CXYMLDhkAD
– Galaxy (@galaxyBTC) May 22, 2020
Last year, between February and June, many altcoins led by Litecoin and Ethereum went wild. During this period, Bitcoin rose from $ 4,000 to nearly $ 14,000.
Trying to time the altcoin market is a notoriously dangerous undertaking, and many coins have been pumped more than 90% of their all-time high. As crypto strategist Jacob Canfield notes, altcoins usually fall by the wayside when Bitcoin is pumping. In addition, when Bitcoin falls, altcoins tend to take a beating.
“I would recommend and advise anyone who acts: wait for a confirmation of chargeback. Do not try to catch these knives all the way down. Just wait until Bitcoin finds some stability … Because Bitcoin pumps, altcoins die. Bitcoin is falling, altcoins are dying even more … Just wait for confirmation, and what I mean by confirmation is waiting for a higher high and a higher low. ”