Crypto trader and author of An Altcoin Trader’s Handbook says he believes we’re at the start of an altcoin bull run.
Nik Patel told his 70,000 followers on Twitter he expects altcoins to “experience a bull cycle, whilst BTC remains fairly stable and largely range-bound.” According to Patel, this is largely due to the fact that most altcoins have lost 90+% of their value in the bear market.
“BTC can be bought cheaply to finance altcoin movements, and prices against BTC can be driven up higher because of the smaller market caps, securing greater profits.”
However, Patel says the altcoin run will be nothing like the last one, and he encourages traders to take profits.
To conclude, this is what I believe will occur from here on:
ALTBTC prices will experience a bull cycle, whilst BTC remains fairly stable and largely range-bound. BTC will break above the range, leading to a larger move towards $6k resistance, during which alts will be sold off.
— Nik Patel (@cointradernik) March 12, 2019
Right now, the market is mixed, with Bitcoin down 0.09% at $3,863. Ethereum is down 1.12% at $132.11, and XRP is up 0.19% at $0.3088.
Technical analysts are watching Bitcoin bulls and bears battle it out and noting that the big news from the SEC on Ethereum hasn’t made much of an impact.
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Coinspeaker – XRP finds its resistance and support at $0.32 and $0.30
NewsBTC – XRP trading near make-or-break levels