{"id":392668,"date":"2019-08-10T02:00:22","date_gmt":"2019-08-10T02:00:22","guid":{"rendered":"https:\/\/ktsl888.com\/?p=392668"},"modified":"2019-08-09T19:47:23","modified_gmt":"2019-08-09T19:47:23","slug":"continued-bitcoin-correction-could-cause-lead-to-altcoin-market-double-bottom","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/continued-bitcoin-correction-could-cause-lead-to-altcoin-market-double-bottom\/","title":{"rendered":"Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The start of 2019 saw <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, altcoins, and the total crypto market cap all reaching their \u201cbottom,\u201d and have all since risen USD in value by 100% or more.<span class=\"Apple-converted-space\">\u00a0 <\/span>But at the start of April, Bitcoin continued to rally while altcoins have only <a href=\"https:\/\/ktsl888.com\/2019\/07\/10\/altcoin-capitulation-aobituary-buy-signal\/\">bled out and capitulated<\/a>, falling most sharply in their ratios against Bitcoin. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin has now begun to correct, yet altcoins haven\u2019t regained any lost ground and instead have only fallen further. One crypto analyst believes that sustained correction in Bitcoin could cause the altcoin market to double-bottom, suggesting altcoins will retest previous lows not seen since the start of the year.<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Altcoin Double-Bottom Ahead if Bitcoin Correction Continues<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Ever since Bitcoin reached $13,800 it has been struggling to regain the bullish momentum that caused a parabolic rally out of bear market lows. The leading crypto asset by market cap has been on a strong climb since early April, that\u2019s <a href=\"https:\/\/ktsl888.com\/2019\/07\/09\/crypto-analyst-bitcoin-btc-dominance-may-reach-80-altcoins-expected-to-bleed\/\">devoured all of the capital in the crypto market<\/a>, causing crypto investors to dump their alt holdings into Bitcoin in fear of missing out on the bull run ahead.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/07\/24\/altcoins-may-never-again-reach-all-time-high-even-if-bitcoin-hits-100k\/\">Altcoins May Never Again Reach All-Time High, Even if Bitcoin Hits $100K\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">But since it started correcting, altcoins have failed to recapture any lost value, and are only dropping further. Crypto analyst <a href=\"\/tag\/dave-the-wave\" rel=\"nofollow\">Dave the Wave<\/a>, in his latest analysis, has shared a chart comparing Bitcoin price action alongside the altcoin market cap.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If BTC continued to correct, alts could easily double bottom. <a href=\"https:\/\/t.co\/fmAiYj4VAW\" rel=\"nofollow\">pic.twitter.com\/fmAiYj4VAW<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/83958016?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">The two price lines show a clear divergence in momentum, with the altcoin market cap beginning to tilt downward, while Bitcoin points upward and is starting to show some indecision.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">If momentum and sell pressure continues to push altcoins to the downside, the analyst says that \u201calts could easily double bottom.\u201d<\/span><\/p>\n<h2 class=\"p1\"><span class=\"s1\">Alt Gains Now At Parity With BTC, Total Market Cap to Correct<\/span><\/h2>\n<p class=\"p1\"><span class=\"s1\">Making matters worse, the <a href=\"https:\/\/www.tradingview.com\/markets\/cryptocurrencies\/global-charts\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">total crypto market cap<\/a> which includes both Bitcoin and altcoins, appears to be forming a head and shoulders top \u2013 a bearish reversal pattern which if confirmed would also confirm the analyst\u2019s theory of a double bottom.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/08\/08\/crypto-analyst-potential-50-drop-could-put-altcoins-on-flash-sale\/\">Crypto Analyst: Potential 50% Drop Could Put Altcoins on Flash Sale\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Considering the sentiment around altcoins versus Bitcoin, the alternative digital assets would be the likeliest candidate to suffer the most additional correction. This would also fall in line with other analyst theories, such as the long-term altcoin market cap &#8220;channel&#8221; showing <a href=\"https:\/\/ktsl888.com\/2019\/08\/08\/crypto-analyst-potential-50-drop-could-put-altcoins-on-flash-sale\/\">another 50% drop ahead<\/a>, before any chance of an \u201calt season\u201d occurring.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">After a massive run up, possible H&amp;S forming on Total Market Cap&#8230;. <a href=\"https:\/\/t.co\/xQ9hNEPy4I\" rel=\"nofollow\">pic.twitter.com\/xQ9hNEPy4I<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/79323393?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 8, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">Many altcoins are still down 90% or more from their previous all-time highs, and may never reach another all-time high even if Bitcoin reaches $100,000. Dave the Wave also shared another chart, depicting how the crypto hype bubble finally inflating has brought Bitcoin and altcoins back to \u201cparity\u201d in terms of returns, with each market reaching over 1000x in gains.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Since April 2017 [when the spike in Crypto really got going], BTC has come back to &#39;parity&#39; with the alts. BTC and the alt market cap are both showing gains of just over 1000%. <a href=\"https:\/\/t.co\/EjKspBo2V6\" rel=\"nofollow\">pic.twitter.com\/EjKspBo2V6<\/a><\/p>\n<p>&mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) <a href=\"https:\/\/twitter.com\/davthewave\/status\/18808064?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 9, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">When considering the fundamental value of Bitcoin, versus a market of crypto assets that have little-to-no use case, are 90% below their all-time highs, and the sentiment is in the gutter, further drop from \u201cparity\u201d with Bitcoin doesn\u2019t seem surprising.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The start of 2019 saw Bitcoin, altcoins, and the total crypto market cap all reaching their \u201cbottom,\u201d and have all since risen USD in value by 100% or more.\u00a0 But at the start of April, Bitcoin continued to rally while altcoins have only bled out and capitulated, falling most sharply in their ratios against Bitcoin. Bitcoin has now begun to correct, yet altcoins haven\u2019t regained any lost ground and instead have only fallen further. One crypto analyst believes that sustained correction in Bitcoin could cause the altcoin market to double-bottom, suggesting altcoins will retest previous lows not seen since the start of the year. Altcoin Double-Bottom Ahead if Bitcoin Correction Continues Ever since Bitcoin reached $13,800 it has been struggling to regain the bullish momentum that caused a parabolic rally out of bear market lows. The leading crypto asset by market cap has been on a strong climb since early April, that\u2019s devoured all of the capital in the crypto market, causing crypto investors to dump their alt holdings into Bitcoin in fear of missing out on the bull run ahead. Related Reading | Altcoins May Never Again Reach All-Time High, Even if Bitcoin Hits $100K\u00a0 But since it started correcting, altcoins have failed to recapture any lost value, and are only dropping further. Crypto analyst Dave the Wave, in his latest analysis, has shared a chart comparing Bitcoin price action alongside the altcoin market cap. If BTC continued to correct, alts could easily double bottom. pic.twitter.com\/fmAiYj4VAW &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) August 9, 2019 The two price lines show a clear divergence in momentum, with the altcoin market cap beginning to tilt downward, while Bitcoin points upward and is starting to show some indecision. If momentum and sell pressure continues to push altcoins to the downside, the analyst says that \u201calts could easily double bottom.\u201d Alt Gains Now At Parity With BTC, Total Market Cap to Correct Making matters worse, the total crypto market cap which includes both Bitcoin and altcoins, appears to be forming a head and shoulders top \u2013 a bearish reversal pattern which if confirmed would also confirm the analyst\u2019s theory of a double bottom. Related Reading | Crypto Analyst: Potential 50% Drop Could Put Altcoins on Flash Sale\u00a0 Considering the sentiment around altcoins versus Bitcoin, the alternative digital assets would be the likeliest candidate to suffer the most additional correction. This would also fall in line with other analyst theories, such as the long-term altcoin market cap &#8220;channel&#8221; showing another 50% drop ahead, before any chance of an \u201calt season\u201d occurring. After a massive run up, possible H&amp;S forming on Total Market Cap&#8230;. pic.twitter.com\/xQ9hNEPy4I &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) August 8, 2019 Many altcoins are still down 90% or more from their previous all-time highs, and may never reach another all-time high even if Bitcoin reaches $100,000. Dave the Wave also shared another chart, depicting how the crypto hype bubble finally inflating has brought Bitcoin and altcoins back to \u201cparity\u201d in terms of returns, with each market reaching over 1000x in gains. Since April 2017 [when the spike in Crypto really got going], BTC has come back to &#39;parity&#39; with the alts. BTC and the alt market cap are both showing gains of just over 1000%. pic.twitter.com\/EjKspBo2V6 &mdash; dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) August 9, 2019 When considering the fundamental value of Bitcoin, versus a market of crypto assets that have little-to-no use case, are 90% below their all-time highs, and the sentiment is in the gutter, further drop from \u201cparity\u201d with Bitcoin doesn\u2019t seem surprising.<\/p>\n","protected":false},"author":517,"featured_media":392698,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[30232,134,142,51066,428,6664,24132],"class_list":["post-392668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-alt-season","tag-altcoin","tag-altcoins","tag-alts","tag-bitcoin","tag-crypto","tag-dave-the-wave"],"acf":[],"yoast_head":"\n<title>Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom<\/title>\n<meta name=\"description\" content=\"The start of 2019 saw Bitcoin, altcoins, and the total crypto market cap all reaching their \u201cbottom,\u201d and have all since risen USD in value by 100% or\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/continued-bitcoin-correction-could-cause-lead-to-altcoin-market-double-bottom\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom\" \/>\n<meta property=\"og:description\" content=\"The start of 2019 saw Bitcoin, altcoins, and the total crypto market cap all reaching their \u201cbottom,\u201d and have all since risen USD in value by 100% or\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/continued-bitcoin-correction-could-cause-lead-to-altcoin-market-double-bottom\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-10T02:00:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-09T19:47:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/08\/altcoin-double-bottom-bitcoin-crypto.jpg?fit=3840%2C2160\" \/>\n\t<meta property=\"og:image:width\" content=\"3840\" \/>\n\t<meta property=\"og:image:height\" content=\"2160\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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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\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. 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\u2019s 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\u2019s 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.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/ktsl888.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"Continued Bitcoin Correction Could Cause Lead to Altcoin Market Double Bottom","description":"The start of 2019 saw Bitcoin, altcoins, and the total crypto market cap all reaching their \u201cbottom,\u201d and have all since risen USD in value by 100% 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