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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin and Altcoin Crashes Correlating Could Be Catalyst for Alt Bottom

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
altcoin bitcoin ethereum ripple altcoins

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Across the crypto market, there’s extreme pain, fear, uncertainty, and doubt. Bitcoin is pulling back from recent highs, and altcoins like Ethereum, Ripple, and others have only bled out and fallen deeper to new lows.

And while most crypto investors believe there is more pain to come for the altcoin market, Bitcoin and alts recently showing correlation again could be the catalyst necessary for alts to finally find their bottom, bounce, and provide crypto investors with the “alt season” the entire market has been waiting for.

Dump Factor: Bitcoin and Altcoins Once Again Show Correlation

At the start of April, an over $1,000 green candle took Bitcoin out of its bear market depths and its never so much as glanced in the rear-view mirror. At that time, the once tightly correlated altcoin market – including Ethereum, Ripple, and others – diverged from Bitcoin, and crashed deeper with each rise in Bitcoin price and BTC dominance.

Related Reading | Crypto Pundit: Altcoin Sentiment Will Cause Bitcoin to Collapse 

Much of Bitcoin’s rally may have been driven by crypto investors selling altcoins into Bitcoin fearing missing out on the king of crypto’s next bull run. The last one took Bitcoin to $20,000 from $10,000 in a matter of a month, so crypto investors know that once the first-ever crypto takes off once again, there may be no stopping it.

But now that Bitcoin is pulling back, and struggling to maintain support above $10,000, altcoins have once again started showing a correlation – but a negative one. Alts like Ethereum and Ripple are dropping alongside Bitcoin for the first time since April. Since then, when Bitcoin rose, alts dropped in their ratio.

Maybe just maybe this is what we're starting to see right now.
As long as BTC and alts dump together I'm not sad to see both of them doing so. https://t.co/rKsfeFT3WZ

— DonAlt (@CryptoDonAlt) August 14, 2019

With alts dropping now in ratio even as Bitcoin falls, it has started to “scare the shit out of holders” according to one crypto analyst, and the extreme fear could cause holders with heavy bags to “capitulate right into the last cycle low.”

The analyst also says that this could “open the doors for an altcoin run,” or the alt season that the entire market has been clamoring for – but never gets – since the start of 2019 when the market first started to rebound.

Alt Apocalypse Continues With Ripple and Ethereum Showing Bearish Breakdowns

Ripple, for example, crashed to 24 cents while also dropping to 2400 sats – Bitcoin’s lowest unit of measurement – all while Bitcoin dropped from $11,000 to $10,000 in less than 48 hours. Ethereum’s drop wasn’t as violent, but crypto analysts point out that Ethereum is breaking down from a massive, multi-month bear flag that suggests that there’s still a ways to go before lows are set.

$eth just broke down from a month long bear flag and no body is talking about it.

most people i speak with are expecting some kind of mega bounce to occur at any time. 🤷‍♀️ pic.twitter.com/hhV3JHD64Z

— Bluntz (@Bluntz_Capital) August 15, 2019

However, given the extreme fear in the market, and the fact that even the most prominent investors in the world advocate “being greedy when others are fearful,” starting to take a position in altcoins now could prove to be financially rewarding – or a complete disaster if they fall much further.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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