Analysts are expecting a Bitcoin downturn and gearing up for altseason

07 Jul, 2019 | Updated: 07 Jul, 2019
by Will Heasman
Price Analysis
Analysts are expecting a Bitcoin downturn and gearing up for altseason

While the idea of altseason has been thrown around for many months since Bitcoin’s parabolic rise, today analysts are more certain than ever, with many suggesting that a downturn from Bitcoin could be all that is needed for altseason to truly kick-off…

Right now, Bitcoin is trading around $11362, still hemmed under by resistance at $12k.

 BTC/USD Chart provided by Tradingview

A few analysts have noted that Bitcoin (BTC) may be in for another correction following the 30% retrace witnessed a few weeks ago. However, its not all doom and gloom as many believe that this could be good news for altcoins…

Crypto Michael highlighted several factors that indicate Bitcoin ‘s imminent downfall, including its struggle to break above $11.6k, inability to hold around $11,450, and the fact that BTC appears to be following a similar pattern as the start of the last correction a few weeks previous. Crypto Michael ends his analysis by suggesting that this would be great for altcoins…

In a subsequent Tweet, the analyst relays that the last time Bitcoin broke its parabolic streak, XRP went from $0.20 to $3.18, and ETH went from $400 to $1424 alluding to an incoming altseason.

Satoshi Flipper relayed the wedge forming within BTC, and despite being bullish on a breakout, noted that nice altcoin setups we’re starting to form which could pop off if Bitcoin broke down.

Justfive suggested a similar outcome, believing that altcoins are currently within a period of accumulation and that BTC’s next move would determine whether or not altcoins will rally.

As reported, Moon overlord provided a different opinion, suggesting that altseason wouldn’t occur until 2020.

The analyst compared Bitcoin's price history from 2012 to 2015 with the altcoin market cap of 2016 to present, noting that the fractal that could lead altcoins to new highs in 2020, after a period of accumulation.  

Will we see a Bitcoin correction followed by altseason? Or will Bitcoin continue upward? Let us know your thoughts in the comments!

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