In this video, I'll be discussing the possibility of an altseason taking place if the Bitcoin ETF gets rejected in August.
Let me know your thoughts down below!
DISCLAIMER: This is NOT financial advice. I am just offering my opinions. I am not responsible for any investment decisions that you choose to make.
This is an interesting perspective. I appreciate the share! I'm not sure that a rejection will create any demand for alts, other than the flow into BTC reversing. I would much rather see the flows reverse after a huge run up in BTC based on an approval. If not, I can't imagine that the reversal to alts would be very impressive based on a rejection. Interesting thought! Thanks again. :-)
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I really hope LTC turns. It seems like eventually they will come out with a game changer code update or merchant adopting it but it hasn't happened yet.
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I can see the prolongation of the bear market from the ETF decision being rejected. There is a certain potential for the altcoins to rise as the historical indicators you showed are suggesting. It was actually a bit of a surprise for me to see it and I had no idea that something like this had happened in the past.
In any case I too am leaning towards the bearish side of things but I am thinking that we have held for long time above 5800 levels and support has been there at that mark for last six months and even though the bears have tried but filed to compromise that support.
Actually I am of the view that we will see 10K levels before the decision and then from there we can take a tumble after the ETF rejection scenario. I am not really sure for how long we might stay there or what happens if the decision date is further extended.
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Bitcoin is a very large coin that is really hard to drop
Video very special thank you you are a very big investor, my friend
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I really can't see an alt-coin rally in response to the rejection of the bTC ETF.
While this might be a plausible scenario in a bull market it just does not make any sense in a bear market. If money flees BTc it is far more likely that it will hide out in fiat until the long term BTC trend changes .
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The U.S. financial watchdog has yet to approve a cryptocurrency-based ETF and in the release Thursday highlights issues with security, market manipulation and investor protection issues.
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The Securities and Exchange Commission rejected a second attempt by Cameron and Tyler Winklevoss, founders of crypto exchange Gemini, to list the first-ever cryptocurrency ETF on a regulated exchange.
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There is another bitcoin ETF application that is still active — the VanEck SolidX Bitcoin Trust. The SEC had no comment about that application.
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What I think is this: There is a great possibility that as you said to see an ALT coin rally if Bitcoin ETF gets rejected. BUT... if it is approved, then BTC will start a new rally and will drag all the altcoins to new highs aswell(since we all know that alts are following BTC'c path) So the way I see it, ALTs that have some real value will be the real winners! Big investors are just patiently waiting...
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Bitcoin etf will eventually happen in my opinion. And if not, so what. There are always some bumps, especially when corrupt government is involved and especially when four corrupt idiots, who rejected their proposal, decide whether there is etf or not 😆. Winklevoss twins obviously know what they are doing. They at some point expected this rejection since they had another closed door meeting after.
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If Bitcoin etf gets rejected, which I doubt, the impact will be only short therm. It will be oportunity for whoever wants to add to their portfolio. I personally don’t think we will go any lower. Just a few months ago I was bearish on crypto market, now I believe we have finally hit the bottom. Some call it denial stage, when people don’t believe it would go much higher. That’s when it actually will. I wouldn’t be surprised if we went up to 10 or 11k in a short time.
BTW: in my opinion history usually repeats itself.
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@louisthomas Altcoins will definitely attain new heights even after ETF get rejected
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Thanks for your content Louis. Will you be posting this on dtube as well ?
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I don't think anything much will happen. By the way, hasn't there been a Bitcoin ETF in Sweden for years now?
https://cointelegraph.com/news/swedish-bitcoin-exchange-traded-fund-bigger-than-80-of-us-etfs
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I think that altcoins will follow BTC price down and up every time. ETH, NEO..... Are great protects than will go up, too. In the long term.
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I agree with you but I don't see that happening in the near future.
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The Ethereum rally last year was really caused by the huge demand created from ICOs around that time. Unfortunately, that is not consistent today as uncertainty due to regulatory concerns in the ICO space has reduced demand. Now airdrops are more popular but do not have the same economic impact to the asset class.
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