Bitcoin’s recent series of upwards surges that have led it towards $7,000 have put the final nail in the coffin for the crypto’s bears and have drastically altered the overall market sentiment for the better.
Now, analysts are closely watching to see how altcoins respond to Bitcoin’s recent surge, and many analysts believe that Bitcoin’s rally may begin to cool-off, allowing the overall crypto markets to surge higher.
Crypto Markets Surge as Bitcoin Nears Resistance at $7,000
Although the crypto markets have endured a long and dark Crypto Winter, it now appears that Spring has begun, with Bitcoin surging to fresh year-to-date highs and multiple altcoins flashing bullish technical signals.
Although the altcoin markets have been caught in a bout of sideways trading ever since Bitcoin began its upwards surge, many cryptos have started climbing higher today, and analysts believe that many alts will soon incur an explosive upwards surge.
DonAlt, a popular cryptocurrency trader on Twitter, spoke about this possibility in a recent tweet, explaining that he believes longing various altcoins will be more profitable in the near-term than trying to short BTC.
“To all the people trying to snipe the Bitcoin top by shorting it: Have you thought about longing altcoins instead? They’ve been / are capitulating and will very likely explode the moment BTC tops out. There is more money in that than shorting BTC in my opinion,” he explained in a recent tweet.
To all the people trying to snipe the Bitcoin top by shorting it:
Have you thought about longing altcoins instead? They've been / are capitulating and will very likely explode the moment BTC tops out.
There is more money in that than shorting BTC in my opinion.
— DonAlt (@CryptoDonAlt) May 11, 2019
Today, many altcoins have already began breaking out, with Ethereum jumping 10% to its current price of $191, XRP surging over 7% to its current price of $0.322, and Litecoin pumping a whopping 16% to $88.
“Altseason” Could Soon Be Upon the Crypto Markets
Although today’s gains are certainly positive, they are a far cry from the massive 100%+ gains many altcoins have seen in previous bull markets.
Despite this, altseason – the term many investors use to refer to period of parabolic gains for cryptocurrencies excluding Bitcoin – may soon be upon the crypto markets.
Josh Rager, another popular cryptocurrency analyst on Twitter, spoke about altseason in a recent tweet, explaining that he is closely watching Bitcoin’s dominance for insight into whether or not a surge in the aggregated crypto markets is imminent.
“$ALT Season in the making? – Just watch Bitcoin dominance. Bitcoin dominance dropped 10% to 14% during the monster altcoin runs in 2018. My strategy for buying altcoins is to watch the charts for BTC dominance % to pullback. An alt rally could push BTC % back down near 50%+/-,” he noted.
https://twitter.com/josh_rager/status/1127050826596454400
Whether or not the crypto markets are able to sustain their newfound upwards momentum throughout the weekend will likely signal whether they are ready to continue surging higher during the week ahead.
Featured image from Shutterstock.
