2020-7-21 04:00 |
Altcoins have strongly outperformed Bitcoin over recent weeks, with some gaining dozens of percent as BTC has flatlined in the low-$9,000s. Analysts expect altcoins to soon underperform BTC as bullish momentum in the altcoin market peters out. The drop has already begun, with some of the altcoin market’s hottest properties, so to say, posting poor performances over the past day. Many analysts and fund managers expect specific altcoins to retrace further as buying volume fails to return and bearish technicals form. Relative to altcoins, Bitcoin has done poorly over the past two to three months. As many altcoins have rallied by dozens of percent in a few weeks’ time, the market leader has effectively flatlined in the low-$9,000s. Despite this, analysts expect BTC to soon outperform altcoins as bullish momentum in the markets of the latter group stalls. Bitcoin Could Soon Outperform Altcoins, Predict Analysts Just two months ago, analysts thought that the crypto market’s recovery was going to be led by Bitcoin — and Bitcoin only. At the time, this was seemingly the case: market data indicated that there were countless altcoins underperforming the market leader. But as aforementioned, this was not the case. One analyst that expected this trend to transpire, though, was the lead technical analyst at Blockfyre. That same commentator now thinks that altcoins will “bring the pain” and temporarily “rage dump” against Bitcoin. Referencing the chart below, the analyst said: “Alts are about to bring the pain. This chart doesn’t miss and hasn’t missed in this entire thread. Alts are going to rage dump across the board 5-15% on the BTC pairs (USD unsure depends on BTC direction). Do with that info what you will.” Bitcoin dominance analysis by trader “Pentoshi” (@Pentosh1 on Twitter). Chart from TradingView.com This analyst is far from the only one that expects altcoins to undergo a retracement in the near future. As reported by Bitcoinist previously, an analyst noted that the TD Sequential just printed a “buy” on a weekly time frame for Bitcoin dominance. This signal implies BTCwill soon gain strength against altcoins. It’s Starting The move in the Bitcoin dominance metric that the head of technical analysis at Blockfyre is expecting has already begun. Some of the most popular altcoins that accounted for much of the recent rally are trading strongly lower in the past 24 hours. Aave’s LEND is down 11% while VeChain’s VET has also lost a similar amount, sliding to multi-day lows. There’s also Chainlink (LINK), which has shed 7% in the past 24 hours. Screenshot of some of the worst-performing crypto assets per Coin Market Cap Fund managers and analysts tracking the performance of these top altcoins expect these drops to snowball from here. Seeing that the altcoin market is somewhat correlated, retracements in the top players should lead to retracements for smaller cryptocurrencies. Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Analyst: Altcoins Will "Rage Dump" Against Bitcoin as Momentum Pauses
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