A popular cryptocurrency trader who correctly suggested that Bitcoin will rally approximately one year before its halving, now draws a historic comparison for altcoins. According to him, they are entering an accumulation period which should last until 2020.
Altcoin Season Coming In 2020?
Moon Overlord, a popular cryptocurrency trader with a serious following on Twitter, has suggested that altcoins are entering their accumulation period.
$BTCUSD 2012 – 2015
VS.#Altcoin Marketcap 2016 – 2019
We’re now entering the accumulation period for $ALTS, it will likely last until 2020.
2020… 🚀 pic.twitter.com/6gjY8nnsiK
— Moon Overlord (@MoonOverlord) July 6, 2019
He came to this conclusion by drawing a comparison between Bitcoin’s performance against the USD in the 2012-2015 period and the Altcoin market performance between 2016 and 2019.
The trader also suggested that the accumulation period “will likely” last until 2020, after which altcoins should increase in value if his read is correct.
Whether or not he’s right is something we have yet to see. However, back in January, he also said that Bitcoin “has traditionally started pumping around 1 year on average before its halving date.”
Bitcoin halving, the event which will slash the network’s block reward in half, is scheduled to take place in May 2020. It turned out that the trader was, indeed, correct, as the cryptocurrency began its uptrend in April 2019.
As seen on the chart, since April, Bitcoin has managed to gain about 170% against the USD, currently trading at around $11,200.
Hard Times For Alts
In the meantime, however, it appears that altcoins are currently having rather hard times, especially when trading against BTC. Most of them have recorded massive losses on that front.
As Cryptopotato reported, Bitcoin dominance, the index which measures Bitcoin’s relative share of the overall market, is at an 18-month high.
It also appears that the last few spikes in the price of Bitcoin have left altcoins behind. Most of the large-cap alts struggled to make any serious gains during that time, allowing BTC to claim a higher market share.
It remains challenging to time the market and to determine whether or not better days are coming for alts.
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