crypto author determines that alt season could be here by year end latest

11 Jul, 2019
by Ryan Boltman
News
crypto author determines that alt season could be here by year end latest

Cryptocurrency author and trader Nik Patel has given his opinion on the current state of alt coins, suspecting we could see a massive surge before year end. 

Author of the amazon best seller "An altcoin trader's hand book" gave his opinion of the recent state of alt coins compared the Bitcoin, which continues to hold strong above $11,000. 

The author and trader explains that altcoins are in one of the deepest bear markets ever seen, as well as  one of the longest time cycles for altcoins in this pattern. Patel also mentions that altcoins are performing an inverse pattern of what happened in 2017-2018 with Bitcoin. He explains "a parabolic advance with ever-steepening rallies, culminating in a blow-off top. At this rate, the altcoin market would be effectively worth zero by year-end"

With BTC surging to new yearly highs, altcoins have taken the brunt of the damage in terms of pricing towards the king of cryptocurrencies. Patel compares the unsustainable rate of increase to BTC, to that of the rate of decline in altcoin values to BTC. 

Essentially we could be expecting a bull back from altcoins towards Bitcoin pricing, or essentially alt season? While most traders may be starting to lose faith in ever seeing an alt season anytime soon, the current trend if continued, would see the altcoin market bottom out by the year end and effectively worthless. 

The chances of that happening in theory, are extremely slim, especially with plenty of solid projects climbing into the spotlight with real world use cases. 

While Patel did not make direct mention to alt season incoming, he makes some valid points about the state of the altcoin market. 

Notice how this is the second-deepest bear market in history (effectively the deepest, given how liquid this market is compared to 2014). Also notice that we are well beyond the previous longest time between cyclical tops...

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