At the moment of writing this article, the crypto market managed to recover a bit from yesterday’s drop. Most coins are trading in the green and Bitcoin is no exception.
Now, the king coin is priced at $8,909.18.
The altcoin season may be around the corner
The altcoins are also trading in the green, and recently, a lot of crypto analysts say that they believe that the altcoin season is around the corner.
The Daily Hodl mentions that in a recent tweet, crypto strategist Crypto Ed NL said that while he’s been bearish on altcoins since the Q4 of 2019, he is now changing his stance.
“Okay guys I’ve been annoying you all since October saying ‘no altseason’ yet but… This is how an altseason starts. Ready to rumble?” as cited by the online publication mentioned above.
Also, they mention trader DonAlt who seems to be on the same page. He talks about two different scenarios that are both favorable to the altcoins, and they depend on how Bitcoin is trading.
Lets say BTC goes on a run
-> alt/usd bottom is probably in
Lets say BTC goes down
-> alt/btc bottom is very near
Alts went down 99%, I wouldnt be surprised if they retraced up to 50% of that.
— DonAlt (@CryptoDonAlt) May 22, 2020
Technical analyst Rekt Capital also agrees with DonAlt’s sentiments. He said that Bitcoin’s halving hype is over and that altcoins are carving a local bottom.
The same online publication brings up crypto strategist Jacob Canfield who said that when BTC drops, altcoins tend to take a beating.
Immediate Bitcoin Halving hype has died down ✅
— Rekt Capital (@rektcapital) May 22, 2020
Anyway, at the moment of writing this article, the altcoins are also trading in the green following a bloody market from the day before.