Alt Season Won’t Come Before BTC Reaches New ATH Predicts Analyst

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Alt Season Won’t Come Before BTC Reaches New ATH Predicts Analyst

A crypto analyst, going by the name of Crypto_Ed_Nel on Twitter has predicted that the altseason will arrive only if BTC hits a new all-time high. 

Alt Season Depends On New BTC ATH

Crypto analyst Crypto_Ed_Nl, founder of training & trading group Crypto-TA.nl, shared his opinion on the new BTC all-time high and the next altseason on Twitter recently. Before sharing his prediction, he had conducted a Twitter poll.  The poll, which was set to determine which will of the two – BTC’s new ATH or Altseason, will come first, saw 51% people voting in favor of an altseason. 2278 people participated in the poll.

With the results showing an almost equal number of votes favoring both the options, Crypto_Ed_Nl seemed quite confident that a new BTC ATH will initiate the long-anticipated alt season. He further explained his hypothesis by highlighting the reaction of altcoins to the recent BTC price movement. He further commented that similar price trends were seen during the 2017-2018 bull run.

According to Crypto_Ed_Nl, the 2017 historical price surge of BTC had driven altcoins along, pushing them upwards in price. He compared the trends of that time with present circumstances and said that alts will only make any major positive movements when “BTC cools down after hitting new ATH”.

He further said that most alts will have a big run again because they are easily pumpable and therefore, bring easy money.

Bitcoin Price Movement This Week

Bitcoin has experienced major price movements since the beginning of this year. On a 1-year price chart, it has been seen that the top crypto has made significant gains compared to other major cryptocurrencies. However, bitcoin price has faced considerable hurdles in the month of September. Bitcoin received a hit a couple of days ago when it first dipped below the $10k level on Monday, 23rd of September. Interestingly, it’s fall coincided with the launch of the bitcoin futures platform, Bakkt. This was the beginning of a new bearish movement in which bitcoin rapidly dropped to new monthly lows below $9.5k which later flung the price of bitcoin towards the $8k mark as of Tuesday, 24th September. At present, Bitcoin is trading at $8,235.95 having leaped by nearly 3% within 24 hours.

Altcoins Recovering from a Bearish Mood

Altcoins, on the other hand, are behaving more radically. During BTC’s price rally which took it up to around $13k, alts remained relatively unaffected by the wave. Analysts are still optimistic about popular alts and seem to believe that a massive price really is inbound. At present, ETH trades at $172.38 after gaining about 4% while XRP is slowly recovering from the shock which sent it below a critical level. XRP is trading at $0.25 at press time.

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Alt Season Won't Come Before BTC Reaches New ATH Predicts Analyst
Article Name
Alt Season Won't Come Before BTC Reaches New ATH Predicts Analyst
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Alts season seems to be an issue of high consideration among crypto enthusiasts and popular analysts. Recently, an unpopular opinion was used to support the notion that alt season will only resume after BTC recovers and records a new all-time-high(ATH) price.
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Coingape
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Author: Dare Shonubi

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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Dare Shonubi 246 Articles

Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]coingape.com

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