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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Pumping Altcoins All Have One Thing In Common: Crypto Whale Games

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
crypto altcoin whale games bitcoin

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This week, the crypto market caught fire, with Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies going on powerful rallies and breaking out of downtrend resistance.

However, analysts across crypto Twitter have been left scratching their heads as to what’s changed in the market, and why this is happening. One conclusion many are drawing is that this week’s rally isn’t at all an alt season, but a whale on one specific cryptocurrency exchange playing games with an illiquid market.

Is This Alt Season, Or Is Something Else At Play in Crypto?

While Bitcoin was breaking through resistance at $8,400, across the rest of the crypto market, altcoins everywhere were breaking out of their downtrends, spanning back as far as six full months of consolidation and accumulation.

Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend 

The massive surge in most altcoins has sparked a FOMO effect, with crypto investors chasing pumps hoping for a continued, sustained rally in the months and possibly years ahead.

https://twitter.com/cryptobombshell/status/1217261784282824704

But before crypto investors breath a sigh a relief that an alt season is finally here – a period of time when altcoins vastly outperform Bitcoin – some of the top analysts from the industry remain skeptical, wondering what’s changed over the last few weeks that’s turned crypto markets bullish after an extended bear cycle.

Analyst Believes That Altcoin Rallies Are Nothing More Than Whales Playing Games

While no facts are conclusive, one analyst believes that the activity is tied to whales on the cryptocurrency derivatives platform, OKEx.

All coins that pumped have one thing in common.. Okex Derivatives.

This is no #Altseason imo.

Okex Whale games season. pic.twitter.com/WmYri8reeu

— MAXi. (@888Velvet) January 15, 2020

Of the assets that skyrocketed this week, all of them are available on OKEx. Interestingly, those that aren’t available on the platform haven’t seen surges of the same levels.

Related Reading | Psychology of a Market Cycle: Are Bitcoin Investors In Denial? 

Because altcoins have been in a downtrend for two full years, struggling to regain any lost value from the 2017 crypto bubble deflating, people are still expecting more pain to come. Bitcoin’s rally of 2019 only made matters worse, as altcoins dropped in value relative to BTC, not just USD. Many had concluded that altcoins were dead, useless, and that the market would never again see a wave of buying the alternative assets like what happened in 2017.

The thought has prompted some analysts to fear that the current rallies are final exit pumps from wealthier investors seeking to dump their heavy bags at the highest prices they can, and incited this rally as a final push to higher prices.

is this

— Levi Alterman (@levi_alterman) January 15, 2020

But of course, the one thing that all crypto analysts could be overlooking is the disbelief phase. After markets cycle, comes a period of time when assets begin to grow once again, but the psychology of the market has conditioned these participants to view the assets in a bearish light, and could cause them to miss out on the greatest possible financial opportunity.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

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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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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