2019-8-15 11:53 |
Recently, a few Bitcoin analysts expressed a pretty bearish opinion for Bitcoin. The 2018 bear market came to a halt early in April 2019 and Bitcoin began a fantastic mouth-watering rally for many weeks after that.
However, Bitcoin has since struggled to cross the $12,000 resistance level and these analysts believe that further drops should be expected. It would seem that a similar fate has now been forecasted for altcoins as well.
Altcoins Will FallAltcoins performed quite well at the beginning of the year with some even outstripping Bitcoin. Crypto research company Messari Inc., reported that in the first quarter of 2019, at least 21 altcoins recorded a 100% increase in price and some of the named altcoins include Binance Coin (BNB), Ontology (ONT), Enjin Coin (ENJ), Tezos (XTZ) and Basic Attention Token (BAT) with Litecoin falling short of a 100% at 99.69%.
However, traders who didn’t sell of their altcoins at that time are most likely biting their nails in regret as some of these coins have dropped so low that they’re worth only 10% of their previous value. Normally, the current market rates should fit into the normal practice of accumulating assets when prices are at their lowest, but there’s not a lot of hope among investors.
Firstly, the current Bitcoin activity and sentiment seem to have taken attention away from the altcoins. There also are a lot of murky waters stakeholders are trying to traverse with regard to many assets. These have really dampened whatever faith traders are normally supposed to cling to.
The Near Future of AltcoinsAltcoins have dropped both in dollar value and Bitcoin ratio as well. Litecoin, for example, has also disappointed a lot of traders who expected that it will do better than its currently doing, because of its recent halving.
Twitter crypto analyst Ceteris Paribus (@ceterispar1bus) recently posted a Messari report. The tweet basically showed that if altcoins keep a steady BTC ratio, they still would not be able to keep up with Bitcoin, even if Bitcoin hits $100,000. Specifically, the tweet says that if this happens, altcoins “will still be below their all-time high reached during the last cycle.”
Analysts now believe that traders should prepare for a further crash in the altcoin market as the altseason might still be quite far away.
The post Brace Up for More Altcoin Drops as Bullish Season Might Still be Quite Far Away appeared first on ZyCrypto.
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