Altseason Incoming? Ethereum and XRP Carving Out Potential Bottom Against Bitcoin, Says Peter Brandt

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Veteran trader Peter Brandt says both Ethereum and XRP appear to be forming a bottom against the leading cryptocurrency Bitcoin.

Bottoming construction in $ETHBTC $ETH pic.twitter.com/zbi0slEQzR

— Peter Brandt (@PeterLBrandt) October 7, 2019

Brandt recently spotted a similar pattern for XRP, and joins a number of crypto analysts who believe a significant altcoin rally may be on the horizon.

There is some chart evidence that $XRP is bottoming against $BTC $XRPBTC pic.twitter.com/TfvIbClTdP

— Peter Brandt (@PeterLBrandt) October 4, 2019

Nicholas Merten, the host of the popular YouTube channel DataDash, says Bitcoin’s slowly declining dominance is a sign of a potential trend reversal.

And analyst Scott Melker of Texas West Capital says that in his humble opinion, alt season has already arrived.

“The way people here think, they will START calling alt season only if coins do a 5-10x. By the time they accept it is happening they’ll be buying the top, just like they did in 2017.”

I have been calling this "alt season" for well over a month, and many coins have done at least a 2x from the bottom. Anyone trading alts since August has likely done very well. Don't let disbelief stop you from making money. https://t.co/rMJOqKP14u

— The Wolf Of All Streets (@scottmelker) October 6, 2019

But not everyone on crypto Twitter is so optimistic.

The host of CNBC’s Crypto Trader Ran NeuNer says the days of quick and easy 100x profits in the crypto markets are a thing of the past.

In a viral tweet, NeuNer says he thinks the vast majority of altcoins will essentially go belly up in the long run, and real-world adoption has become more important than promises of breakthrough technology.

Unpopular realities;

1.Days of easy 100x returns in Blockchain are behind us
2.There wont be another Alt Season
3.99% of Alts will go bankrupt
4.Adoption now more important than tech
5.80% of exchanges will disappear
6.Number of full time Crypto people decline significantly

— Ran NeuNer (@cryptomanran) October 7, 2019