Here’s What Will Happen To Altcoins Once Bitcoin Breaks $20,000

Tony "The Bull" Severino

1 year ago

3 mins read

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Bitcoin price is less than a few hundred dollars away from setting a new all-time high. The closer the top-ranked cryptocurrency gets to its former peak, the more bullish altcoins respond.

One crypto analyst has shared a chart that shows what could happen to altcoins when Bitcoin finally does break its all-time high.

Ripple, Ethereum, Other Major Altcoins Rip As Bitcoin Approaches All-Time High

This week, Bitcoin broke above $19,000 and has very little resistance above it before a new all-time is set. Even today, by the time this is published a new record could be set and history made.

The closer the top crypto asset by market cap gets to the former peak, the more altcoins have begun breaking out and going parabolic the same way Bitcoin has over the last several weeks.

After retesting $10,000, the price per coin has nearly doubled. But just as the shocking rally approaches a climax either way – ending in a correction, a new peak, or both – the breakout in altcoins is nearly as stunning.

Ripple over the last couple of weeks has rallied over 200%, more than tripling in value. Ethereum, Litecoin, Cardano, and other popular altcoins from the last crypto bubble have begun to bubble up once again.

The Next Record-Breaking Alt Season And Crypto Bubble Is Here

As sidelined spectators watch as a whole Bitcoin becomes priced out of reach for most investors, they turn their capital toward cheaper altcoins, that in the past have outperformed the number one cryptocurrency.

Bitcoin has over 150% year-to-date returns to show for this crazy year, while in the past two weeks alone Ripple has gained more than that much. Ethereum is up over 350% year-to-date, and the lower down the list by market cap, the gains increase.

Looking at the last market cycle could suggest that this stage in the crypto market cycle is only just starting, and one analyst has supplied an example of what the next altcoin season could look like once Bitcoin does breach all-time high.

After Bitcoin set a new peak, the total altcoin market cap took off, BTC dominance nosedived, and incredible wealth was generated as these illiquid assets soared.

When Bitcoin approaches and breaks its all-time high, an altcoin buying frenzy takes place | Source: CRYPTOCAP-TOTAL2 on TradingView.com

With the dollar nearing a death spiral, crypto absorbing gold’s capital, and the stock market about to tank, this bull market and bubble could make the last one look like nothing more than a bit of fizzle before the upcoming explosion.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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