The crypto market has reportedly been moving in a sideways direction for Bitcoin in particular. The number one digital currency by market cap has crashed significantly from its 2019 high of about $13,000 to $9k plus. This has been an unstable period for the leading asset class.
Bitcoin (BTC) Price Today – BTC / USD
Crypto Dog Predicts That BTC won’t Rally for Next Two Months
While the overall crypto community is looking for positives (and hoping that things will turn around for the better soon enough and Bitcoin will begin to rise to reach a new high for this year), one crypto analyst has another idea altogether. The analyst known as The Crypto Dog on social media network Twitter, says a rally upwards to a new high for BTC isn’t likely for least two months.
He is of the view that the months after July won’t see much action for BTC price.
Altcoins May Take Advantage of Bitcoin’s Inconsistencies
The crypto analyst specifically mentions August and September 2019 as the two months that may pass before Bitcoin will begin a rally that will take it to a new high. However, The Crypto Dog is optimistic that altcoins ETH, XRP and others could take advantage of BTC’s predicament and record some major price increases in that time period.
The analyst added that altcoins are fully prepared for such occasions and this could be the opportunity for holders to recover any losses they incurred during the 2018 crypto bear market.
The analyst is confident about his opinion despite the fact that an alts season doesn’t seem likely to come following the direction of the market. Indeed, several altcoin enthusiasts have actually been looking forward to a new alt season as the leading digital asset Bitcoin, has risen high and most people may have preferred to buy it at a lower rate. Now BTC price has dipped from $13,000 to 9k plus.
Will all the Altcoins Benefit or Only a Few?
While there are a few other analysts who all share the optimism that another altcoin season is possible this time, it is unclear if this altcoin season will affect all tokens or just a few. If in the end it occurs and applies to all altcoins, then it might be very easy for holders to make reasonable profits. However, if only a few altcoins benefit, it might take a while to know which ones are favored and follow their price surge as the season progresses.
If The Crypto Dog’s prediction turns out to be right, it is safe to say the months of August and September may be counted as a period of no or slow progress for the Bitcoin price in 2019. However, this mere speculation and shouldn’t hold much water.
The 2020 Bitcoin halving event is approaching, and community members expect a significant price increase because the commencement of a bull crypto market will precede the halving. This is BTC always takes the lead before any significant market action.
If The Crypto Dog’s prediction is anything to go by, it is going to take up to three months before the end of this year for BTC to improve. The question is, will Bitcoin price manage to impress holders and enthusiasts or will it follow The Crypto Dog’s prediction?