New Altcoin Rally Could Be Triggered By Recent Price Breakout

The coming altcoin news show that a new altcoin rally may be on its way, mostly because of the recent price breakout which put all eyes on Bitcoin. However, analysts believe that this could be a springboard for altcoins to follow.

With the new rally which pushed the market to a total cap of $251 billion (and growing), we can see that things are stabilizing. While Bitcoin managed to add 10% to its price overnight, there was a new altcoin rally which made some coins shine even brighter than Bitcoin. One example is Bitcoin Cash (BCH), which ballooned by 16% to a new weekly high.

One trading analyst was featured in the altcoin news frenzy on Twitter. Nik Patel, who is the author of the book “An Altcoin Trader’s Handbook” explained that while Bitcoin went on to set new yearly highs, altcoins continued to set new yearly lows in their BTC ratios. Therefore, the total altcoin market cap increases which shows that a new altcoin rally might come soon.

Couple of fun facts:

– Of the previous 4 ALTBTC bear cycles, the average drawdown has been 69.7%. The current drawdown of this ALTBTC bear cycle is 66.5%.

– The average growth experienced across the past 5 ALTBTC bull cycles was 617%.

— Nik (@cointradernik) May 14, 2019

On top of this, Patel meant that the selling pressure is almost exhausted and that a new bull cycle could begin. If the bull market is realized based on previous history, a new altcoin rally could come soon and top more than 600% in surges this year.

Another positive factor is the support that Patel got from his fellow Twitter crypto friends. DOnAlt, who is a prominent analyst, shares a similar outlook and expects altcoins to play catch up once Bitcoin’s surge cools off. He was featured on many best cryptocurrency news sites for this statement.

To all the people trying to snipe the Bitcoin top by shorting it:

Have you thought about longing altcoins instead? They've been / are capitulating and will very likely explode the moment BTC tops out.

There is more money in that than shorting BTC in my opinion.

— DonAlt (@DonAlt) May 11, 2019

The likes of Litecoin are also important in this new altcoin rally – and helped spark off positive sentiment back into the market. Even though these coins have had their time, they announced the crypto spring in a great way.

Speaking of which, Ethereum is in the latest cryptocurrency news for switching its consensus algorithm in an attempt to upgrade its capacity and potential. From this, there are a few extenuating circumstances which could guide us to a new altcoin rally just like the historical rally that is expected by many traders.