Best-selling author of ‘An Altcoin Trader’s Handbook’, Nik Patel has made some beautiful predictions about Bitcoin (BTC) and altcoins, saying Altcoins/Bitcoin pairs prices will experience a bull cycle. The altcoins analyst, who highlighted several forecasts ahead of the long expected cyclical shift since 2019, said the above prediction will hold while BTC maintains a relatively “stable and largely range-bound”.
Nik furthered that Bitcoin throughout this time, has the potential to break above the range, a move that will lead to the digital asset moving towards $6,000 resistance, during which altcoins would be sold off.
The author of the well-known altcoins book said the first $6,000 test would be rejected, and this will result to a massive reduction in both altcoins and Bitcoin (BTC).
He said, the crypto market has the capacity to form “a higher timeframe higher-low towards Q3 2019”, afterward it will begin a fresh mega bull cycle against the USD towards the end of the year/Q1 2020.
Before jumping to these conclusion, Nik reminded his followers that since January 2018, altcoins have witnessed over 90% regressions against BTC and over 95% regressions against USD due to the fact that Bitcoin (BTC) is losing approximately 85% of its value.
Pointing further, Patel said those who joined the crypto space after July 2017 are witnessing an inverse relationship between Bitcoin (BTC) and altcoins.
During this period, Bitcoin has broken “new highs on a weekly basis” while altcoins have been declining exponentially.
He said: “This lasted until December 2017, when BTC peaked at ~$20k, dropped off a little and allowed breathing room for depressed alts to finally begin a new bull cycle.”
He maintained that the Bitcoin Bull run of 2017 resulted in the largest altcoin bull run against the USD ever, resulting in an approximately $840 billion market cap in Jan 2018.
Will Altcoins Breakaway From Bitcoin (BTC)
While a large number of crypto enthusiasts believe altcoins have an unbreakable inverse relationship with BTC during bull runs, Nik believes this is a false assumption, because the relationship has been otherwise for some years now.
“Over the past 5 years, I’ve witnessed all possible relationships between alts and BTC: inverse during bull cycles; inverse during bear cycles; direct during bull cycles; and direct during bear cycles.”
“I’ve witnessed all alts moving up simultaneously (Jan ‘18) and random individual cycles playing out within a larger bullish period (spring through summer ‘14 and spring through summer ‘17). In fact, spring through summer is by far the most bullish time for alts, historically.
Nik asserted that different from the altcoin bull run of January 2018, where we should have been paying attention to ALTUSD prices, focus should be on ALTBTC prices.
Will the Next Bitcoin Bull Run Be Like January 2018?
The crypto analyst says the next bull-run will be different from the January 2018’s because people will be holding out for ALTUSD prices while they will be at the losing end.
“Instead, I believe we’ll see people holding out for ALTUSD prices they deem worthy of selling at, only to be caught holding the bag when prices fall short of them. Pay close attention to how altcoins are priced against BTC whilst BTC remains relatively cheap.”
To conclude, this is what I believe will occur from here on:
ALTBTC prices will experience a bull cycle, whilst BTC remains fairly stable and largely range-bound. BTC will break above the range, leading to a larger move towards $6k resistance, during which alts will be sold off.
— Nik Patel (@cointradernik) March 12, 2019