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Hello and welcome to another article. In today's post, I'll be looking at the recent move to 13k, and if there's a chance altcoins will follow. Buckle up!
First off, what led to this big $13k move? Well, it wasn't much other than "false hype". PayPal has begun supporting Bitcoin, but if you read the terms and conditions, you'd see that that's not really a big deal.
So I feel that since the demise of Bitmex, Bitcoin whales have no secure place to anonymously trade. So they're off the radar for now, which has allowed Bitcoin to greatly decouple from other price indices, like the SPX.
Boring trader talk aside, what's the catch? Why haven't altcoins begun popping their socks?
Well, Bitcoin is still pretty dominant. This means that more money is flowing into Bitcoin than into alts. What does that signify? It simply signifies that alts aren't ready yet.
Bitcoin is still dominant, and when it stops being this dominant, Ethereum will be the next thing to be pumped.
Aside from this, altcoins have had massive capitulations from their July moves. It's the life cycle of an alt. Buy the bottom and hold, sell close to the top, short the top and cover at the bottom. Rinse and repeat. It's how I made a ton of Bitcoin (it's a pretty large amount to me) in July - September. Back in my group here, we made over 650% in one day shorting altcoins.
So the question is: Will alts run? And WHEN will they run?
The answer? Pretty easy actually.
Alts will run when BTC manages to close a daily candle above $13k. That will be the start of a new uptrend, one that will probably be bigger than 2017.
Be patient, and be ready.