Tom Lee of Fundstrat Global Advisors says that the altcoin bull market will return again.
Bitcoin has been enjoying some time in the sun lately with prices up close to 50% from their lows seen in June.
Normally that would mean that altcoin prices would be up even more off their lows as their price moves tend to exaggerate the moves of bitcoin.
At least that has been the trend currently.
However, another trend also tends to show itself from time to time when bitcoin is rallying, and that trend is where altcoins get sold to fuel a rally in bitcoin.
In fact, we saw that happen several times in 2017.
That is the environment we find ourselves in currently.
Altcoins are still sitting mostly near their year-to-date lows while bitcoin has rallied close to 50% in the past few weeks.
What's fueling the bitcoin rally?
Bitcoin has been running hard mostly off of rumors that a bitcoin ETF could actually get approved by the SEC and it could happen as soon as the next few months.
There is also some chatter out of Japan that they may be devaluing their currency (YEN), this also seems to have helped put a bid under bitcoin as a lot of the current bitcoin inflows seem to be denominated in YEN
There is also some technical based buying going on as the chart is finally showing signs of bottoming and flipping to a bullish trend.
All 3 are likely combining to help push bitcoin up, mostly at the expense of the altcoins.
(Source: http://www.wasatchwill.net/2017/02/winter-hike-stewart-falls.html)
However, the altcoin winter may soon be over.
Tom Lee went on CNBC earlier this week and talked about the recent move in bitcoin and the cryptocurrency market as a whole.
A question was levied at him regarding Ether and how it mostly is sitting out the bitcoin rally...
Tom's response was something along the lines of this:
"We wrote about the altcoin market peaking around January 25th, and how we didn't think we would see another major altcoin rally until about mid-August to mid-September at the earliest. However, we do think another altcoin rally is coming."
(paraphrased from what I remember from his CNBC interview)
That would technically make a lot of sense...
Traditionally, bitcoin rallies first and then as the move slows, money starts to flow out of bitcoin and out into the altcoins, causing them to rally.
We saw this play out in late 2017 when bitcoin rallied hard while altcoins mostly watched. Then in early 2018, bitcoin struggled, while altcoins literally hit the moon.
That is when steem traded for over $9 per coin...
Conclusions:
Based on past trends and the current environment, it looks like we can expect to see altcoins join in on the fun anytime within the next few months.
Bitcoin may rally first, but altcoins often follow suit.
Which means, most of the pain in the altcoin world is likely behind us, though lower lows are still possible in the very near term.
Stay informed my friends.
Image Source:
https://bitcoinjunkies.space/index.php/2018/07/26/will-the-altcoin-rally-start-soon/
Follow me: @jrcornel
Let's hope so! Check out our free tools to help you better understand when a bull run is coming
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Realistically, how accurate have your tools been in the past?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The day after the predictions are made the accuracy charts are updated here
We make no promises, we are just here to give people information and to help them with their research. These are early days and we are still tweaking the predictive side of things and the model still only has about a month and a half of data so it can be hit or miss especially in the exact value, but looking at the overall direction of the predictions can be a helpful investment tool.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I see. I'll take a look.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Great! Any feedback on how to make this a more viable investment tool (other than improved accuracy which will happen over time) is very much appreciated!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The charts is beginning to act like last year. If it continues I believe we're in for a great second half.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I could see that as well.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Ready for the Altcoin winter to be over; ready to put on my summer beachware 🏖
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm ready to shed the winter coats as well!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for contibuting somthing great!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Glad you enjoyed it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Your Article Very Good , Please Follow me
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Cardano will be in Kraken in december!!! End of the winter for this altcoin
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think the reason why altcoins moon is because most of them are only possible to buy with Bitcoin. So Bitcoin goes up and they naturally go up, although it is not always the case.
Fingers crossed for that ETF!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes that is very true. Though, sometimes alts get sold in order to put money into bitcoin. That is what we have been seeing recently.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
@jrcornel that will be good for us if Altcoin bull run comes early.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes it will. The last one took steem to $9, where will this one take it?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think this is a spot on assessment. In my opinion Bitcoin is testing resistance right now while all the altcoins are testing support. It only makes sense that Bitcoin dominance would bleed back into altcoins in the very near future.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That is usually what happens. Bitcoin runs first, then the altcoins follow.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Of course, the downward movement is almost over...because it shouldn't have happened in the first place. Well...not with everything...
All the cryptos are moving in lockstep lately, because for some reason when bitcoin moves down, idiots run from the alts too. It's really annoying and makes no sense, but then once it starts going down, it makes no sense not to sell to buy lower. So we basically have to. Really, more of the alts should have fought harder and recovered sooner.
It's sad.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
All part of the boom and bust cycle that is bitcoin. I look forward to the next surge when the floor is significantly higher than where we are today.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I hope he is right. I'd like to see STEEM at 3$ again soon. We did not have that in a while. :D
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You and me both. Steem steady at $3 would be pretty awesome, with occasional spikes along the way.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Time to buy, so many experts saying that a bull run is coming, and so many signals, what better way to make some money.
Let the FOMO and incredible volatility come back to crypto.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hopefully the Winklevoss ETF rejection doesn't take too much wind out of the sails. I am worried that it might though.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don´t think we will go below $8K anymore before the bull run starts. But news like that can definitely have a negative impact in the markets (temporarily).
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very true Altcoins now should run and it should bitcoin and take everything up , but if Altcoins does not run then we have problem
Upvote my comments and reply
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
They will run again at some point, just a matter of when.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Excellent post
I was worried slightly as altcoins we’re dropping but they do take 2-3 weeks to follow bitcoin rally.
Here is my post.
https://steemit.com/bitcoin/@moghul/bitcoin-on-the-rise-is-it-killing-the-altcoins
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Better late than never, right.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Absolutely
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Can't wait for both. I'm a sure fire hodler and the only thing that would cause me to sell is if it was proven that the CIA created Bitcoin and even that may not be too terrible.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
it will return for sure if bitcoin played too much game then investors will opt into alts back
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Nice news, I think Bitcoin needs to be rested a little bit more for the Altcoins to increase mobility. In short-term BTC can rise to the 8400 and then back to the 7800 band. Such gradual declines will be good for altcoins. Besides that, mathematically, money flows into one or the another, but only in USD they can keep value.
The only thing that concerns the foreign investor who hears Bitcoin from TV is that the price of Bitcoin falls or rises... The effects of Fork, Lightning, SEC, ETF, G-20 don't even know them and they really don't care about them. It's an investment vehicle that's lost $BTC in their eyes. For this reason, whales need to make the market a center of attraction in order to bring the new investor into the market. This is important for the future of $BTC.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Yes. The news this afternoon about the SEC rejected the Winklevoss ETF application is sending bitcoin right to your 7,800 level. Hopefully it holds there.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol after i commented here, BTC did the move and dumped to 7.800-7.900~
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit