If You’re Thinking About Panic Selling Your Altcoins, Read This First
Believe it or not, there is some hope out there for altcoins. At least that’s what Techdev thinks.
Covered:
- Altcoin Bags
- How Altcoins Spoiled Us Up Until Now In 2021
- Altcoin Prognosis
Altcoin Bags Be Gone
Earlier this year, you probably thought you were pretty smart when you decided to load up on all those altcoins. And, you probably still do if you sold them at their all-time highs like everyone claims they did.
But, if you didn’t, you’re probably not feeling too great right about now.
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Who can blame you when your Cardano is down, same with your Solana, and your Ethereum, too — is that even an altcoin anymore?
But one technical analyst thinks you’ve got one more chance.
How Altcoins Spoiled Us Up Until Now In 2021
“In both 2017 and 2021, the total alt market cap saw an initial spring run-up, before a correction and recovery,” says TechDev, a Bitcoin and crypto analyst.
2021 started far ahead of 2017, and stayed in front until mid-July. The 2017 and 2021 alt caps stuck together pretty closely until mid-September before the 2021 alt cap pushed ahead again.
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It might seem like smashing past 2017 levels would be a good thing, but considering all the eery similarities to the previous bull run, sticking to the pattern points to another parabolic bull run like 2017.
And, for a bit there it sure seemed like the alt cap was deviating a little too much for comfort.
But as TechDev points out, 2021, “now looks to be catching up with this latest pullback.” If you look up at the chart above, you’ll notice that, like back in mid-July, the caps are on the same track again.
Altcoin Prognosis
So, what’s next? Techdev says, “As of now, this cycle still looks poised for a final parabolic altcoin rally.”
“As with every major Bitcoin impulse since the alt cap was tracked (2017 mid-cycle peak, 2017 cycle peak, 2021 mid-cycle peak), I expect alt cap to peak 3-4 weeks after Bitcoin.”
Meaning, before you can start feeling better about your Cardano bag, you have to wait for Boomercoin Bitcoin to do its thing first.
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Text source: CryptosRus
