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Analysts Hoist “Red Flags” on Altcoins, Could This Be the Gamechanger?

However, in feat, Bitcoin went ahead to reclaim all it had lost in the March market carnage and tested the $10,000 psychological level as block reward halving in which mining reward is halved from 12.5BTC to 6.25 BTC occurred on the 629,999th block.

Recent data indicated that Bitcoin outperformed the US benchmark stock index, S&P 500 by 30%.

In comparison with Bitcoin which had received recent recommendations from macro investors such as Paul Tudor Jones, Altcoins seemed to be weighed down against this backdrop.

Analysts also presume that the much expected “Altseason” had seemed to weigh down investor hopes.

In mid-February, BTC dominance stood at almost 60%, however with its recent bullish stint, BTC dominance rose to 68% in the previous week.

However, in a glimpse of hope, a crypto trader sees this recent downswing as a perfect storm for an impending “Altseason”. He expects one more capitulation stint which would usher in greater opportunities.

Image Credit: Shutterstock

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