With a new and improved look at Bitcoin at $8200, alts have gained some breathing room to move up. Historically, alts have had really nice rallies when Bitcoin begins to move up. This is simply because Bitcoin restores the confidence in the entire crypto markets.
Here's what I think:
The Bitcoin ETF news has been the perfect catalyst for the next bull rally. But, it seems that the entire market cycle is not ready to go yet...
"Smart Money", i.e whales are pumping Bitcoin up to local highs. Top out at 10k.
Then, this money moves into altcoins and begins the cycle for them to pump for a month.
Then, smart money dumps alts on retail traders, dumps bitcoin on everyone and rebuys at $5k after the CBOE ETF gets declined...
Too bearish? Well, other thought is bitcoin pumps past 10k, alts rally, ETF accepted, pump to $35k.
We will find out soon enough.
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Cheers,
Andrew
Check these articles out if you like money
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- SMASH THAT LIKE BUTTON
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Posted from my blog with SteemPress : http://bullsvsbears.vornix.blog/2018/07/29/altcoin-frenzy-coming/