No 'AltSeason' Until Bitcoin Breaks $20K, Says Hedge Fund Manager

gepubliceerd op by Cointele | gepubliceerd op

As Bitcoin price notches new 2019 highs, larger cap altcoins from the top-10 will move in tandem.

A significant drop in Bitcoin market cap dominance will put the ball in altcoins' court.

To gain more clarity on this situation, Cointelegraph decided to ask a professional fund manager to explain what is going on with the crypto sector and why altcoins haven't followed Bitcoin as they did in the past.

Cointelegraph: Bitcoin has had some periods of range-bound trading since topping out at $13,800.

Cantering Clark: Altseason was essentially a bunch of new investors entering the crypto space, drawn in by Bitcoin.

Bitcoin is essentially the chosen asset by the industry and it has become the haven of crypto.

"Bitcoin price hasn't broken it's all-time high, and the next altseason is unlikely to occur until this all-time high is broken."

CT: Shouldn't a drop in Bitcoin dominance lead altcoins to surge?

CT: Do you think investors' confirmation bias impacts Bitcoin price action? For example, many investors believe that if Bitcoin must drop below the 61.8% Fibonacci retracement level before a real bull market begins.

The collective effort of traders makes the necessity of Bitcoin revisiting any price more "Likely" thanks to the groupthink.

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