Tom Lee: Altcoin season may bring in 1,100% gains during the next bullrun

21 Apr, 2019
by Richard Allen
News
Tom Lee: Altcoin season may bring in 1,100% gains during the next bullrun

The crypto market saw a pretty dramatic fall recently as Bitcoin dipped below $5,300. However, according to Fundstrat’s Tom Lee, the correlation between Bitcoin and altcoins could bring in gains of 1,100% similar to the 2017-2018 bull run.

Lee explained on Twitter that the first “pre-condition” for the beginning of altseason is a drop in the correlation between altcoins and Bitcoin. This trend was seen prior to the 2017/2018 bull run.

Lee marks the correlation collapse from March 2016 to May 2016, March 2017 to May 2017, November 2017 to January 2019, as well as the current trend from March 2019. According to the graph, altseason could be underway.

However, as Bitcoin is currently down by over 1%, many leading altcoins such as Binance Coin, XRP, Ethereum, Litecoin, and Cardano have all experienced notable losses. At the time of writing Bitcoin is trading at $5,261, down by 1.42% over the last 24 hours.

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