One popular cryptocurrency trader who was right about Bitcoin rallying to the all time high one year before that happened is now featured in the altcoin news. According to him, the next altcoin season is not as near as many see it – and altcoins could enter an accumulation period which will last until 2020.
We are talking about Moon Overlord, a Twitter profile which is constantly featured in the latest news and price predictions on many best cryptocurrency news sites. The popular cryptocurrency trader has a serious following on Twitter and recently noted that the next altcoin season will be here in 2020 and until then, altcoins are entering an accumulation period.
The trader reached this conclusion by comparing Bitcoin and its performance against the dollar during the 2012 to 2015 market performance – with the altcoins and their performance from 2016 until now (2019).
He suggested that the next altcoin season may delay itself and the accumulation period “will likely” last until 2020, after which the altcoins will increase in value. If his read is correct, the coming altcoin news in 2020 would be positive and bringing many gains.
Back in January this year, Moon Overlord noted that Bitcoin “has traditionally started pumping around 1 year on average before its halving date.” His statement was also linked to the Bitcoin halving (or slashing of the network’s block reward by half) which will take place in May 2020. After all, we can see that the trader was correct as the cryptocurrency and its price began an uptrend in April 2019.
https://twitter.com/MoonOverlord/status/1147531567042088960
As we can see from the stats, Bitcoin’s price has risen about 170% and is currently trading above $11,400 with a support at $11,150-$11,200. In the meantime, the next altcoin season may trigger itself right now. Despite the altcoins having a rather hard time, some of them are in big pluses and trading well.
As another trader named CryptoPotato reported, Bitcoin’s dominance index (which measures Bitcoin’s relative share of the overall cryptocurrency market) is at an 18-month high. It also appears that the latest uptick in the price of Bitcoin have left altcoins behind.
It remains challenging to see if the next altcoin season will come in 2020 – or before that.
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