Analysts ‘ opinions
Prominent analysts, Benjamin Blunts, stated earlier that the decline in Bitcoin price was a sign that an altcoin season would begin. Stating that he was using the Elliot Wave analysis, he expressed that Bitcoin’s market domination chart tends to decline and lower levels are expected.
In addition, Tuur Demeester, one of the famous Bitcoin bulls of the market, considers Bitcoin to be more diverse in market domination. According to adamant Capital’s partner, Deemester, crypto units will be recovered by the return of individual investors to the market. According to the analyst, rally in 2017 had a recovery like this. DeMeester expressed that the first and popular investors did not yet flock to the market to receive the “Cheap Altcoin”.
Will the season begin?
Joe McCann, who advises a few projects such as Dharma, said on Twitter that “it is pointless to get a cryptocurrency out of Bitcoin” and that the Altcoins will eventually become “worthless” in the market cycle. McCann first stated that although the market capitalization, such as Ripple and Ethereum, are Altcoins, Bitcoin has underseen the power of market domination from the very beginning. With 63% of Bitcoin’s domination, the analyst voiced that the Altcoins were almost crushed. McCann’s statements indicate that Bitcoin expects greater price increases than other altcoins…
However, according to McCann, corporate structures will only invest in Bitcoin when it begins to enter the crypto-monetary ecosystem.
On the other hand, as we shared earlier in this report, Jeff Dorman, who is the investment officer in the Blockchain-oriented asset management firm Arca, said that the altcoin is very unlikely that the season is so strongly repeated as in 2017.