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Fundstrat co-founder and head of research Tom Lee says a drop in the correlation between altcoins and Bitcoin indicates that a so-called “alt season” bull run has already begun.
If past is prologue, Lee says crypto assets could be poised for 1,100% gains. He arrives at that number by averaging the percentage gains that alts collectively recorded in the last two altcoin bull runs.
Lee points to the large number of Visa and Mastercard accounts, which still dwarfs the number of active Bitcoin wallets, as a sign that the crypto movement at large still has a lot of room to grow.
2/ past alt-seasons averaged 1,100% gains
Will the next alt-season be as strong as the past? Given there are probably only ~50mm active wallets (vs 5 billion Visa/MasterCard accts), we think crypto still early in the adoption curve. So it should be similar pic.twitter.com/cgTBOHteMT
— Thomas Lee (@fundstrat) April 20, 2019
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Right now, the crypto markets are mostly in the green. Bitcoin is up 1.03% at $5,284. Ethereum is up 1.09% at $169.57 and XRP is up 0.91% at $0.3226.
Technical analysts are seeing some bullish signs for Bitcoin and Ethereum, while plotting the short term trajectories of XRP and Litecoin.
Bitcoin
CoinDesk – Bitcoin RSI confirms possible long-term bull reversal
FXStreet – Immediate recovery appears limited by $,5,280-5,300
Coinspeaker – BTC/USD showing bullish movement on short-term outlook
Ethereum
Blockonomi – ETH bulls in position for fresh increase
NewsBTC – Ethereum price correcting gains but remains buy on dips
FXStreet – ETH/USD eyes bullish pennant breakout
XRP
Live Bitcoin News – XRP bulls facing uphill task near $0.3400
Blockonomi – XRP showing signs of renewed buying interest
FXStreet – XRP/USD bulls break above near-term line of resistance
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Litecoin
Ethereum World News – LTC could test $72.00 or $70.00 support level before fresh increase
FXStreet – Sustainable move above $80.00 needed to mitigate bearish pressure
Crypto Briefing – LTC/USD pair retains bullish medium-term outlook
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