Bitcoin’s April Is Highlight of 2019 So Far, But Are We Near The Altcoin Season?
Bitcoin is in a great time right now, so we got all kinds of options. Some people believe that the next bull which will take prices to $100,000 USD is near, others believe that the market is on the brink of disaster right now. The truth? The next altcoin season may be near, but let’s invest with caution.
In the last 24 hours, the price of BTC fell 2%, going from its 2019 high of $5,600 USD to $5,422 USD. Despite the losses, the truth is that BTC is slowly going up during the month and it may break the $6,000 USD barrier in case the trend continues, so the trend is still bullish.
Altcoins, which saw their prices spiking considerably this month as well, had more severe losses in the last 24 hours ranging from 2 to 6%.
Can The Altcoin Season Still Happen?
Even with the prices of altcoins not being nearly as pumped as Bitcoin, there is a chance that they may still rally this time. Some people, like Satoshi Flipper, a well-known Twitter personality in the world of Bitcoin, have affirmed that BTC went up this month and that it will continue sideways in May, while altcoins will start to bounce. Then, in June, we’ll finally have our altcoin season.
If altcoins see a huge boost in capital and Bitcoin is at least stabilized, there is a pretty good chance that the market trends will start to get even more positive than they are at the moment. Technical analyst Hsaka has seen altcoin resistance levels breaking recently, so the altcoin season may not be that far.
Is The Market Still Too Dangerous To Invest Now?
Some people are afraid that BTC may rebound back while it does not pass the $6,000 USD mark, which was when the token finally been declared “dead” by many investors who left the market.
Traders are very divided right now. Over half of them are optimistic but the other ones are not that much at the moment. Some are storing their cryptos on altcoins and “playing with the rest” in order to be protected if they end up losing money.
In any case, crypto trading is growing, which represents at least that there is more interest now. However, it is said that around 95% of the crypto market volume is fake, so take this information with a grain of salt.
Bitcoin Drop Last Year May Be Caused By Whales
While many are seeing Bitcoin as doomed, the truth is that the token only entered this hole in which the market is right now because of some whales. They moved over 76,500 BTC (around 415 USD million at the time) just before the market crashed in November last year.
The main concern here is that these whales are currently manipulating the market and that it may happen again. Unfortunately, there is no way to know what will happen until the next altcoin season is upon us.