In what could be the biggest Altcoin opportunity in four years, Ran and Sheldon have delved into a repeated pattern, last time it happened, and what happened afterwards.
The recurring pattern, according to Ran, is the most bullish and could propel altcoins to insane gains. It has only happened twice before and is now happening again.
Ran claims he traded the pattern incorrectly both times because he couldn’t believe what he was seeing and mispredicted how it would play out.
As a result of Bitcoin’s market domination, Altcoins are not moving as well. He admits it feels like merging altcoins into Bitcoin to profit, but he’s been there before and knows it’s not a smart option as he has made this mistake twice
Bitcoin has surged ahead of Altcoins, gaining 45 percent market share and the total crypto market capitalization creaching $2 trillion first time since May. This, according to Sheldon, is healthy for the market as a whole since Bitcoin is attracting money back in.
However, once the dominance reaches a crucial level of 50%, it is predicted to plummet, implying that profits would be diverted to Altcoins.
Sheldon compares three market caps to the previous bull market to better understand what the signs were that Bitcoin and altcoins were on the verge of a major run up.
Total 2 (excluding Bitcoin) has not caught up to Bitcoin, and total 3 (excluding Ethereum) is coiling up to form a cup and handle like total has already done.
In 2017, Bitcoin had a similar pattern formation, with its dominance skyrocketing. On the 29th of October, the total market broke all-time highs, followed by the total 2 market cap on the 10th of November.
Despite Bitcoin price rising, Bitcoin dominance crumbled as soon as total 2 market cap broke all-time highs, and there was a massive diversification that saw altcoins fly.
Birb agrees with Ran and Sheldon, claiming that it is a good moment to reload altcoins because they are moving sideways while Bitcoin is pumping due to superposition.
Birb predicts that this year’s ultimate altcoins season, which occurs in per cycle, will be comparable to 2017, when coins went 10x in a matter of days because major corporations such as Google and Amazon would add some to their portfolios, allowing them to enter the mainstream.