{"id":425990,"date":"2020-06-02T19:30:50","date_gmt":"2020-06-02T19:30:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=425990"},"modified":"2020-06-02T19:34:37","modified_gmt":"2020-06-02T19:34:37","slug":"bitcoin-crash-altcoin-season-profit","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-crash-altcoin-season-profit\/","title":{"rendered":"Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season"},"content":{"rendered":"<p>As difficult it may be to believe, you&#8217;ve read that headline accurately \u2013 altcoins may finally be ready to break out against <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and bring the battered and beaten asset class more in line with the recovery the number one cryptocurrency has had.<\/p>\n<p>The first shot fired came today with the latest Bitcoin price flash crash, which appears to have been whales taking profit into altcoins ahead of an upcoming altcoin season.<\/p>\n<h2>Bitcoin Flash Crash Potentially Sees Captial Flow Into Alts<\/h2>\n<p>This afternoon, <a href=\"https:\/\/uniquehot.com\/2020\/06\/02\/bitcoin-price-flash-crashes-600\/\">Bitcoin price plummeted over $600 in less than five minutes<\/a> in a dramatic flash crash.<\/p>\n<p>Crypto traders and investors scrambled to dump the asset without taking a larger loss in the selloff, further causing a cascade effect. The move also <a href=\"https:\/\/uniquehot.com\/2020\/06\/02\/220-million-liquidated-bitcoin\/\">liquidated over $220 million worth of long positions<\/a> on the notorious crypto margin trading platform BitMEX.<\/p>\n<p>What wasn&#8217;t as obvious, however, is the fact that much of the capital leaving BTC may have made its way into altcoins like Ethereum, Ripple, Chainlink, and others.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/06\/02\/crypto-coinbase-bitcoin-volatility\/\">Crypto Exchange Coinbase Fails To Stay Operating During Explosive Market Volatility\u00a0<\/a><\/strong><\/em><\/p>\n<p>Last night&#8217;s pump into Bitcoin saw <a href=\"https:\/\/bitcoinist.com\/altcoins-bleed-during-last-nights-bitcoin-pump-but-dominance-downtrend-remains-intact\/\" target=\"_blank\" rel=\"noopener nofollow\">a crash in altcoins that almost immediately recovered<\/a>. As buyers further drove up the price of the first-ever cryptocurrency, a large player kicked off today&#8217;s selloff and potentially started a trend reversal.<\/p>\n<p>Coinciding with the selloff in <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, on the total altcoin market paired against BTC, altcoins pumped while Bitcoin dumped at the exact same moment the leading cryptocurrency asset crashed on the USD trading pair.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-425993\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/altcoin-btc-bitcoin-crypto-market-cap.jpg?resize=860%2C791\" alt=\"bitcoin altcoin season crypto\" width=\"860\" height=\"791\"><\/p>\n<p>The number one crypto trading sideways is the prime environment for altcoins to thrive in, and a full-blown altcoin season is long overdue. It&#8217;s been well over a year since altcoins truly saw the upside, not counting the early 2020 rally that almost immediately got wiped out in the Black Thursday market collapse.<\/p>\n<h2>Falling Wedge Breakout And Historical Recurrence Suggest Altcoin Season Is Finally Here<\/h2>\n<p>An altcoin season may soon be upon us, according to chart and date patterns.<\/p>\n<p>Markets are cyclical and history often repeats. There are also strange correlations around dates that don&#8217;t always make sense.<\/p>\n<p>For example, the BTC block reward halving which is said to be incredibly bullish for Bitcoin in terms of supply and demand appears to be a trigger for a powerful altcoin season.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/06\/02\/bitcoin-price-flash-crashes-600\/\">Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night\u2019s Rally Erased<\/a><\/strong><\/em><\/p>\n<p>After the asset bottomed out in 2015, come July 2016 when it reached its halving, Bitcoin crashed while altcoins began their first-ever rise into superstardom.<\/p>\n<p>From that breakout moment to the very tip-top, altcoins grew over 10,000% against BTC. Meanwhile, Bitcoin also rose to $20,000, showing just how strong performance in altcoins was by comparison.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-425994\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/altcoin-bitcoin-halving-falling-wedge.png?resize=860%2C468\" alt=\"bitcoin altcoin season crypto\" width=\"860\" height=\"468\"><\/p>\n<p>Although sentiment in altcoins remains in the gutter, and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> sentiment has never been stronger. The asset&#8217;s recent crash dumping into altcoins, a repeating pattern matching the last halving, and a massive falling wedge on the monthly timeframe on the altcoin\/BTC chart indicate that altcoins will once again outperform the first-ever cryptocurrency for a sustained period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As difficult it may be to believe, you&#8217;ve read that headline accurately \u2013 altcoins may finally be ready to break out against Bitcoin and bring the battered and beaten asset class more in line with the recovery the number one cryptocurrency has had. The first shot fired came today with the latest Bitcoin price flash crash, which appears to have been whales taking profit into altcoins ahead of an upcoming altcoin season. Bitcoin Flash Crash Potentially Sees Captial Flow Into Alts This afternoon, Bitcoin price plummeted over $600 in less than five minutes in a dramatic flash crash. Crypto traders and investors scrambled to dump the asset without taking a larger loss in the selloff, further causing a cascade effect. The move also liquidated over $220 million worth of long positions on the notorious crypto margin trading platform BitMEX. What wasn&#8217;t as obvious, however, is the fact that much of the capital leaving BTC may have made its way into altcoins like Ethereum, Ripple, Chainlink, and others. Related Reading | Crypto Exchange Coinbase Fails To Stay Operating During Explosive Market Volatility\u00a0 Last night&#8217;s pump into Bitcoin saw a crash in altcoins that almost immediately recovered. As buyers further drove up the price of the first-ever cryptocurrency, a large player kicked off today&#8217;s selloff and potentially started a trend reversal. Coinciding with the selloff in Bitcoin, on the total altcoin market paired against BTC, altcoins pumped while Bitcoin dumped at the exact same moment the leading cryptocurrency asset crashed on the USD trading pair. The number one crypto trading sideways is the prime environment for altcoins to thrive in, and a full-blown altcoin season is long overdue. It&#8217;s been well over a year since altcoins truly saw the upside, not counting the early 2020 rally that almost immediately got wiped out in the Black Thursday market collapse. Falling Wedge Breakout And Historical Recurrence Suggest Altcoin Season Is Finally Here An altcoin season may soon be upon us, according to chart and date patterns. Markets are cyclical and history often repeats. There are also strange correlations around dates that don&#8217;t always make sense. For example, the BTC block reward halving which is said to be incredibly bullish for Bitcoin in terms of supply and demand appears to be a trigger for a powerful altcoin season. Related Reading | Bitcoin Price Flash Crashes $600 In Less Than 5 Minutes, Last Night\u2019s Rally Erased After the asset bottomed out in 2015, come July 2016 when it reached its halving, Bitcoin crashed while altcoins began their first-ever rise into superstardom. From that breakout moment to the very tip-top, altcoins grew over 10,000% against BTC. Meanwhile, Bitcoin also rose to $20,000, showing just how strong performance in altcoins was by comparison. Although sentiment in altcoins remains in the gutter, and Bitcoin sentiment has never been stronger. The asset&#8217;s recent crash dumping into altcoins, a repeating pattern matching the last halving, and a massive falling wedge on the monthly timeframe on the altcoin\/BTC chart indicate that altcoins will once again outperform the first-ever cryptocurrency for a sustained period.<\/p>\n","protected":false},"author":517,"featured_media":425992,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,16896,3,13625,16897,16894],"tags":[428,1144,78790,76835],"class_list":["post-425990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-cardano","category-news","category-ethereum","category-litecoin","category-ripple","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season<\/title>\n<meta name=\"description\" content=\"As difficult it may be to believe, you&#039;ve read that headline accurately \u2013 altcoins may finally be ready to break out against Bitcoin and bring the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/bitcoin-crash-altcoin-season-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Crash May Be Profit-Taking To Prepare For Incredible Altcoin Season\" \/>\n<meta property=\"og:description\" content=\"As difficult it may be to believe, you&#039;ve read that headline accurately \u2013 altcoins may finally be ready to break out against Bitcoin and bring the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/bitcoin-crash-altcoin-season-profit\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-02T19:30:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-06-02T19:34:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/bitcoin-altcoin-season-crypto-td-sequential-shutterstock_96292859-scaled.jpg?fit=2560%2C1942\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1942\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;The Bull&quot; 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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