The crypto space has suffered a sharp correction not too long ago, which drove the price of BTC even below $8,000.
Today, at the moment of writing this article, BTC is trading in the red, and the most important digital asset on the market is priced at $8,223.45.
ETH and XRP are reportedly forming a bottom against BTC
Peter Brandt is known as a veteran trader and he just said that both ETH and XRP seem to be forming a bottom against the most important crypto in the space.
— Peter Brandt (@PeterLBrandt) October 7, 2019
Brandt spotted a similar pattern regarding XRP as well, and he joined more crypto analysts who are currently believing that a new altcoin rally might be on the horizon.
— Peter Brandt (@PeterLBrandt) October 4, 2019
Nicholas Merten, who is the host of the popular YouTube channel DataDash, said that BTC is slowly declining, and this drop in dominance is a sign of a potential trend reversal.
And analyst Scott Melker of Texas West Capital says that in his humble opinion, alt season has already arrived.
I have been calling this "alt season" for well over a month, and many coins have done at least a 2x from the bottom. Anyone trading alts since August has likely done very well. Don't let disbelief stop you from making money. https://t.co/rMJOqKP14u
— The Wolf Of All Streets (@scottmelker) October 6, 2019
“The way people here think, they will START calling alt season only if coins do a 5-10x. By the time they accept it is happening, they’ll be buying the top, just like they did in 2017.”
Other Bitcoin predictions
Despite the market correction, there are some optimistic Bitcoin-related predictions that are popping up in the crypto space as well.
Other expert voices such as Mark Yusko say that Bitcoin is a buy at the moment, even though it fell below $8k.
Yusko said that even if BTC dropped to $5k, it would still be a buy. Yusko is a chief investing officer at Morgan Creek Capital Management.
He appeared on CNBC and he compared the price volatility and the big bet on Bitcoin to Amazon.
He talks about a key list of indicators that he believes give BTC an upside potential.