• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
bitcoin dominance altcoin

Elliott Wave Theory: Altcoin Bottom Is In When Bitcoin Dominance Reaches 78%

Tony Spilotro by Tony Spilotro
3 years ago
in Bitcoin, Ethereum, Litecoin, Ripple, Stellar
Reading Time: 2 mins read
Advertisement

Crypto analysts use different tactics to try and predict future price movements in Bitcoin and altcoins. Due to the speculative nature of the emerging asset class, the study of emotion-driven impulses and corrections – called Elliott Wave Theory – can be particularly insightful.

According to one crypto analyst that focuses solely on the practice of Elliott Wave Theory claims that a corrective wave to 78% Bitcoin dominance will send altcoins crashing down once again, but that the target will act as the final bottom for the alternative crypto assets.

Bitcoin Volatility Expected To Further Crush Already Decimated Altcoins

Bitcoin‘s halving is now behind us, and major volatility is expected in the days ahead as Bitcoin price consolidates below the most important resistance level it has ever faced.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

An explosive move to the upside could crush altcoins further. An equally powerful move to the downside also likely won’t bode well for altcoins.

Related Reading | Crypto Analyst Highlights Last Ever Bitcoin Dip Using Elliott Wave Theory

Bitcoin and altcoins experience an unusual and sometimes inverse relationship. Altcoins often thrive the most when Bitcoin trades sideways, for example. This is said to be due to boredom in Bitcoin or profit-taking from BTC flowing into alts.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Whatever the reason, altcoins could be in danger if Bitcoin price experiences an explosive move.

According to one crypto analyst’s take on Elliott Wave Theory, that explosive move could send BTC dominance to 78%, causing another major leg down in altcoins.

The fall would take alts back to 2016 prices, essentially erasing all gains from the moment the crypto hype bubble started.

See you guys at 78% #BTC dominance.. pic.twitter.com/1RUnCEtbGz

— ?The EW Guy (@TheEWGuy) May 20, 2020

Alt Market Bottom: BTC Dominance Could Reach 78% According to Elliott Wave Theory

Elliott Wave Theory focuses on emotion-driven impulses that take place across the market due to normal changes in market cycles and investor sentiment.

Impulse waves can be up or down, and typically consist of five full waves, with waves one, three, and five being in the primary trend direction. Waves two and four are in the opposite direction of the trend and often consist of smaller, sub-waves.

These smaller sub-waves can also be impulsive or corrective. Corrective moves in Elliott Wave Theory can also have five waves but are more commonly three-wave ABC corrections. These corrective waves can run concurrently as part of larger waves taking place across larger timeframes.

Related Reading | Elliott Wave Theory Suggests Crypto May Be Due For Biggest Correction Yet 

Elliott Wave Theory is complex, but has been shown to be reliable for many types of markets, crypto included.

If Bitcoin dominance does rally to the 78% dominance level, altcoins will represent just 22% of the total crypto market. These already crushed crypto assets will be decimated further, and any remaining value will deflate.

When it’s all said and done, however, those who buy the blood will also be buying the bottom, according to the analyst’s take on Elliott Wave Theory.

Tags: altcoinbitcoinbitcoin dominancebtcbtc dominancebtc.dbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Investors Turn Greedy For First Time Since March 2022

2 hours ago
Bitcoin Supply In Loss

Bitcoin Supply In Loss Hits A 9-Month Low

8 hours ago
Bitcoin Retracement

Bitcoin Hash Rate Registers New Highs, A Selloff Imminent?

9 hours ago
Ripple XRP

XRP Bulls Try To Break Consolidation At $0.4 To Conquer New Levels

18 hours ago
ethereum

Ethereum Hovers Above $1,600, What’s The Next Move?

1 day ago
Litecoin Whale Transactions Set New 2023 High, Bullish Signal?

Litecoin Whale Transactions Set New 2023 High, Bullish Signal?

1 day ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Top Experts Compare Treshold (T), BNB (BNB), and Snowfall Protocol (SNW) and Decide Which Is The Best – Find Out More!

January 27, 2023

PancakeSwap To Do a V3 Upgrade In 2023 According to Roadmap Update, Kava Gets Coinbase Listing, Snowfall Protocol Releases the Long-Awaited Snowfall DEX And Promises Another Huge Announcement A Week Before Launch— Is Snowfall Wallet Coming Early Too?

January 27, 2023

Litecoin (LTC) and Polygon (MATIC) Have Been Renowned IN The Past But It’s Time For A New Crypto Project To Take The Top Ranks: Snowfall Protocol (SNW)

January 27, 2023

Binance Coin (BNB) And Orbeon Protocol (ORBN) Speculated To Make Huge Gains In 2023

January 27, 2023

2023’s Hottest NFT Collections Include Moonbirds, Azuki, and Ganja Guruz

January 27, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.