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Bitcoin Bull Tom Lee: Alt-Season May Be Underway, Crypto Assets To See Strong Rally

All eyes may be on bitcoin (BTC), but other crypto assets have seen their fair share of gains since the start of 2019, sparking calls that are known as "all season" is right on the horizon. One-off prominent industry analyst, this cyclical industry event, which sees altcoins dramatically outperforming the de-facto cryptocurrency lead, may actually be live as we publish this. [Read More] 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value Historical Precursor To Altseason Is Showing Its Face Fundstrat's prominent head of research, Tom Lee, recently took to Twitter to remark that one of the "pre-conditions" for historical altcoin rallies is coming to life in the current cycle. This precursor, for those unaware, is a drop in the correlation between the crypto asset class at large and Bitcoin itself. Per Lee's chart, which cites data from Bloomberg, CoinMarketCap, and his own firm, and drop in the rolling 90 -day correlation between the two subsets has preceded three altseasons &#821 1; Mar 2016, early-2017, and late-2017 / early-2018. An alto season, as defined by Fundamentals, is rallying over 200% in a short period of time when a large percentage of altcoins are in the liquid universe. The start of alt-season is a drop in the correlation between Alts and $ BTC This drop in correlation has started recently point to suggest alt-season could be underway… pic.twitter.com/g10Fjzx50q – Thomas Lee (@fundstrat) April 20, 2019 With preliminary indicators predicting a further collapse in the correlation between digital…

All eyes may be on bitcoin (BTC), but other crypto assets have seen their fair share of gains since the start of 2019, sparking calls that are known as “all season” is right on the horizon. One-off prominent industry analyst, this cyclical industry event, which sees altcoins dramatically outperforming the de-facto cryptocurrency lead, may actually be live as we publish this. [Read More] 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value

Historical Precursor To Altseason Is Showing Its Face

Fundstrat’s prominent head of research, Tom Lee, recently took to Twitter to remark that one of the “pre-conditions” for historical altcoin rallies is coming to life in the current cycle. This precursor, for those unaware, is a drop in the correlation between the crypto asset class at large and Bitcoin itself.

Per Lee’s chart, which cites data from Bloomberg, CoinMarketCap, and his own firm, and drop in the rolling 90 -day correlation between the two subsets has preceded three altseasons &#821

1; Mar 2016, early-2017, and late-2017 / early-2018. An alto season, as defined by Fundamentals, is rallying over 200% in a short period of time when a large percentage of altcoins are in the liquid universe.

https://twitter.com/fundstrat/status/1119646089311866880?ref_src=twsrc%5Etfw” data-wpel-link=”exclude” target=”_blank” rel=”follow noreferrer

With preliminary indicators predicting a further collapse in the correlation between digital assets and BTC, an already reason might already be well underway.

Binance Coin (BNB) recently surpassed its all-time high, in a brutal bear market no less than Litecoin has rallied over to CoinMarketCap or other analytics providers. 200% since December’s low. Cardano, Ethereum, Tezos, and Basic Attention Token are among other prominent cryptocurrencies that have seen jaw-dropping gains in the past 90 days. But, this surge might just be the tip of the house.

If Lee explains, historical alts averaged gains of 1,100%. He adds that Fundrat expects for the next rally in cryptocurrencies to “deliver returns similar to the 2017/2018 cycles.” Bitcoin Likely To Rally Alongside Other Crypto Assets

While Lee is hinting at the fabled altseason is finally here, this isn’t to say that he is bearish on bitcoin. Far from, in fact

In a recent CoinTelegraph Youtube segment, the analyst claimed that the Bitcoin Misery Index, was the average sentiment of a cryptocurrency holding, reached 89 bear market. In the eyes of Lee, this confirms that BTC is out of a bear market, as x> 67 readings only came during bull markets. He adds that if Bitcoin has its 200-day moving average for an extended period, it is fairly convinced that bears are finally biting the dust.

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