A popular cryptocurrency trader who correctly suggested that Bitcoin would rally approximately one year before its upcoming halving has now made a significant prediction concerning alternative cryptocurrencies. According to him, altcoins are entering an accumulation period which will last until 2020.
Moon Overlord, a popular cryptocurrency trader with a serious following on Twitter, recently suggested that altcoins were entering an accumulation period.
$BTCUSD 2012 – 2015
VS.#Altcoin Marketcap 2016 – 2019
We’re now entering the accumulation period for $ALTS, it will likely last until 2020.
2020… 🚀 pic.twitter.com/6gjY8nnsiK
— Moon Overlord (@MoonOverlord) July 6, 2019
He reached this conclusion by comparing Bitcoin’s performance against the dollar during 2012-2015 to altcoins’ market performance between 2016 and 2019.
The trader suggested that the accumulation period “will likely” last until 2020, after which time altcoins should increase in value if his read is correct.
Back in January, Moon Overlord noted that Bitcoin “has traditionally started pumping around 1 year on average before its halving date.”
The next Bitcoin halving, or slashing of the network’s block reward by half, is scheduled to take place in May 2020. It turned out that the trader was, indeed, correct, as the cryptocurrency’s price began an uptrend in April 2019.
Since April, Bitcoin’s price has risen about 170%, currently trading at around $11,200.
In the meantime, however, it appears that altcoins are currently having a rather hard time, especially when trading against BTC. Most of them have recorded massive losses on that front.
As CryptoPotato reported, Bitcoin’s dominance index, which measures Bitcoin’s relative share of the overall cryptocurrency market, is at an 18-month high.
It also appears that the last few spikes in the price of Bitcoin have left altcoins behind. Most of the large-cap alts have struggled to make any serious gains during this time, allowing BTC to garner a higher market share.
It remains challenging to time the market and determine whether or not better days are coming for alts.
