{"id":394691,"date":"2019-08-30T19:00:02","date_gmt":"2019-08-30T19:00:02","guid":{"rendered":"https:\/\/ktsl888.com\/?p=394691"},"modified":"2020-10-07T11:27:05","modified_gmt":"2020-10-07T11:27:05","slug":"crypto-analyst-altcoin-annihilation-responsible-for-bitcoin-breakdown","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/crypto-analyst-altcoin-annihilation-responsible-for-bitcoin-breakdown\/","title":{"rendered":"Crypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown"},"content":{"rendered":"

This week, the \u201caltcoin annihilation\u201d really ramped up, despite already causing such devastation to crypto investors. The selling pressure and negative sentiment were enough to also drag Bitcoin price<\/a> down as well.<\/span><\/p>\n

While altcoins are free-falling, one crypto analyst says that although altcoins are currently causing \u201cturbulence\u201d for Bitcoin, it will resume \u201cmoon mode\u201d as soon as the alt selloff begins to cool down.<\/span><\/p>\n

Altcoins May Drag Down Bitcoin, But They Won’t Stop the Bull Run<\/h2>\n

This week, EOS, Ethereum, and Litecoin massively dumping their USD values dragged Bitcoin price down<\/a> under $10,000, shocking bullish crypto investors that assumed $10,000 would be unbreakable.<\/span><\/p>\n

Related Reading | Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money<\/a><\/strong><\/em><\/p>\n

It\u2019s long been said that the negativity and fear surrounding altcoins could be enough to cause Bitcoin to collapse, despite others being confident that Bitcoin has already embarked on a bull run, and that it\u2019ll slowly grind up at support and eventually set new highs. The former is proving to be true, and Bitcoin price is struggling to reclaim $10,000.<\/span><\/p>\n

Despite altcoins leaving Bitcoin on the ropes, one prominent and often-cited crypto analyst, Plan B \u2013 known for his stock-to-flow model<\/a> that helps apply Bitcoin\u2019s hard-coded scarcity to future price projections \u2013 says that the current \u201caltcoin annihilation\u201d is causing some \u201cturbulence\u201d on Bitcoin\u2019s moon mission, and is just refueling its jets in order to resume its bull run once\u00a0 <\/span>\u201cskies are clear\u201d and the altcoin selloff finally starts to stall.<\/span><\/p>\n

https:\/\/twitter.com\/100trillionusd\/status\/51259136?s=21<\/p>\n

Previously, the analyst shared a chart that demonstrates how Bitcoin\u2019s relative strength index shows similarities to the mid-2016<\/a> when Bitcoin\u2019s highly-publicized bull run started to build a foundation.<\/span><\/p>\n

The same is said to be happening now throughout the crypto market, with Bitcoin\u2019s recent correction building support in which will act as the foundation for the next bull run.<\/span><\/p>\n

Plan B\u2019s stock-to-flow model is widely believed by highly respected financial industry figures. In the model, data suggests that Bitcoin price could reach $55,000 by May 2020 \u2013 when Bitcoin\u2019s next halving occurs.<\/span><\/p>\n

Each halving cuts the BTC block reward miners receive in half, throwing off the supply of Bitcoin and causing the price to rise. With crypto investors knowing this, the halving is expected to be front-run by investors buying up the digitally scarce Bitcoin in anticipation of its value rising significantly.<\/span><\/p>\n

Related Reading | EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500\u00a0<\/a><\/strong><\/em><\/p>\n

Bitcoin is the best-performing asset ever, easily beating the ROI of stock, gold, and much more. Altcoins, however, are still down significantly from their all-time highs and may never again achieve such values, even if Bitcoin were to reach $100,000 per BTC.<\/span><\/p>\n

With the outlook so bleak for alts, the theory that Bitcoin might range for some time could be valid, as it may take a while for the \u201caltcoin annihilation\u201d and related \u201cturbulence\u201d to subside.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

This week, the \u201caltcoin annihilation\u201d really ramped up, despite already causing such devastation to crypto investors. The selling pressure and negative sentiment were enough to also drag Bitcoin price down as well. While altcoins are free-falling, one crypto analyst says that although altcoins are currently causing \u201cturbulence\u201d for Bitcoin, it will resume \u201cmoon mode\u201d as soon as the alt selloff begins to cool down. Altcoins May Drag Down Bitcoin, But They Won’t Stop the Bull Run This week, EOS, Ethereum, and Litecoin massively dumping their USD values dragged Bitcoin price down under $10,000, shocking bullish crypto investors that assumed $10,000 would be unbreakable. Related Reading | Altcoin Market Is Failing to Produce Utility, Only Bitcoin Can Become Money It\u2019s long been said that the negativity and fear surrounding altcoins could be enough to cause Bitcoin to collapse, despite others being confident that Bitcoin has already embarked on a bull run, and that it\u2019ll slowly grind up at support and eventually set new highs. The former is proving to be true, and Bitcoin price is struggling to reclaim $10,000. Despite altcoins leaving Bitcoin on the ropes, one prominent and often-cited crypto analyst, Plan B \u2013 known for his stock-to-flow model that helps apply Bitcoin\u2019s hard-coded scarcity to future price projections \u2013 says that the current \u201caltcoin annihilation\u201d is causing some \u201cturbulence\u201d on Bitcoin\u2019s moon mission, and is just refueling its jets in order to resume its bull run once\u00a0 \u201cskies are clear\u201d and the altcoin selloff finally starts to stall. https:\/\/twitter.com\/100trillionusd\/status\/51259136?s=21 Previously, the analyst shared a chart that demonstrates how Bitcoin\u2019s relative strength index shows similarities to the mid-2016 when Bitcoin\u2019s highly-publicized bull run started to build a foundation. The same is said to be happening now throughout the crypto market, with Bitcoin\u2019s recent correction building support in which will act as the foundation for the next bull run. Plan B\u2019s stock-to-flow model is widely believed by highly respected financial industry figures. In the model, data suggests that Bitcoin price could reach $55,000 by May 2020 \u2013 when Bitcoin\u2019s next halving occurs. Each halving cuts the BTC block reward miners receive in half, throwing off the supply of Bitcoin and causing the price to rise. With crypto investors knowing this, the halving is expected to be front-run by investors buying up the digitally scarce Bitcoin in anticipation of its value rising significantly. Related Reading | EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500\u00a0 Bitcoin is the best-performing asset ever, easily beating the ROI of stock, gold, and much more. Altcoins, however, are still down significantly from their all-time highs and may never again achieve such values, even if Bitcoin were to reach $100,000 per BTC. With the outlook so bleak for alts, the theory that Bitcoin might range for some time could be valid, as it may take a while for the \u201caltcoin annihilation\u201d and related \u201cturbulence\u201d to subside.<\/p>\n","protected":false},"author":517,"featured_media":381657,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,428,679,6664,28113],"class_list":["post-394691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-crypto","tag-plan-b"],"acf":[],"yoast_head":"\nCrypto Analyst: Altcoin Annihilation Responsible for Bitcoin Breakdown<\/title>\n<meta name=\"description\" content=\"This week, the \u201caltcoin annihilation\u201d really ramped up, despite already causing such devastation to crypto investors. 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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. 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