{"id":254478,"date":"2021-05-20T15:30:00","date_gmt":"2021-05-20T12:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset\/"},"modified":"2021-05-20T15:30:00","modified_gmt":"2021-05-20T12:30:00","slug":"bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset\/","title":{"rendered":"#Bye alt season? Analysts see traders rotating back to Bitcoin after $30K &#039;reset&#039;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a36ec57c2d7a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a36ec57c2d7a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset\/#Bitcoin_dominance_awaits_rebound\" >Bitcoin dominance awaits rebound<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset\/#%E2%80%9CPretty_routine%E2%80%9D\" >&#8220;Pretty routine&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Bye alt season? Analysts see traders rotating back to Bitcoin after $30K &#039;reset&#039;<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvOTQyZjFmNjUtZWFlZi00OGMzLWFiZWUtNTBkZjQ3ZTA4OGZiLmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                The short-term investment case for Bitcoin remains intact on the prospects of rotational trading from altcoin markets.\n                &lt;p&gt;The Bitcoin (BTC) market bias stands divided on how to interpret the BTC price\u00a0crash this week, wherein the pair lost more than 35% of its value at one point on Wednesday, crashing to as deep as $30,000 on Coinbase.\n<\/code><\/pre>\n<p>Global <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> outlets attributed the plunge to China reiterating its anti-crypto business stance and Tesla suddenly discontinuing Bitcoin payments for its electric vehicles. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/6ce0b12e-a25b-4b5b-ab55-ef742142a8e6.png\" alt=\"\" title=\"\" \/><figcaption style=\"text-align: center\"><em>Traders buy the dip, leading Bitcoin to bounce immediately after testing $30,000. Source: TradingView.<\/em><\/figcaption><\/figure>\n<p>Nikolas\u00a0Panigirtzoglou, managing director for global market strategy at JP Morgan, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bnnbloomberg.ca\/jpmorgan-says-bitcoin-rally-unsustainable-unless-volatility-ebbs-1.1564581\">further noted<\/a> an ongoing decline in the capital that flows into publicly-listed Bitcoin funds. He suspected a rotational investment setup, wherein institutional investors were winding up their positions in the Bitcoin futures market and reallocating the proceeds to build long positions in gold funds.<\/p>\n<p>&#8220;It is not clear what is driving this shift,&#8221; Panigirtzoglou added. <\/p>\n<blockquote><p>&#8220;Perhaps institutional investors are fleeing Bitcoin as they see its previous two-quarter uptrend ending and thus seek the stability of traditional gold away from the rapid downshifting of digital gold.&#8221;<\/p><\/blockquote>\n<p>He nevertheless reminded that Bitcoin&#8217;s momentum signals remain in positive territory. Thus, it is still too early to declare the end of the bull market. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_dominance_awaits_rebound\"><\/span>Bitcoin dominance awaits rebound<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stack Funds&#8217; Head of Research Lennard Neo also presented a similar, near-term upside setup, citing a potential rotational setup, but from altcoins to Bitcoin.<\/p>\n<p>Lennard cited the recent directional trends in the Bitcoin market and its strength against a vast pool of alternative digital assets, dubbed as the Bitcoin Dominance Index.\u00a0He noted that the net crypto market cap surged by around 40%, as Bitcoin&#8217;s dominance against altcoins declined from 73.5% to 40.5%.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/12997cc1-863a-41b1-b699-f7a718dbf039.png\" alt=\"\" title=\"\" \/><figcaption style=\"text-align: center\"><em>Bitcoin dominance index (blue) vs. crypto market capitalization (red). Source: Stack Funds<\/em><\/figcaption><\/figure>\n<p>That suggests that many investors remained entrench within the cryptocurrency markets, focusing mostly on transferring their Bitcoin gains to altcoins that seemed promising in the short term. Lennard added that <a rel=\"nofollow noopener\" target=\"_blank\" href=\"\/news\/ethereum-breaks-away-several-factors-power-eth-all-time-high-push\">Ether&#8217;s\u00a0180 percent year-to-date surge<\/a> late last month emerged from the same Bitcoin-to-altcoin setup.<\/p>\n<p>But now, the capital would want to fly back into the Bitcoin market, the former Bloomberg analyst stated, adding:<\/p>\n<blockquote><p>&#8220;We believe the rotational playbook has reversed as dark clouds loom over the markets. We are expecting investors to cycle back into Bitcoin as uncertainties increases as the markets undergo another reset. Hence, a bounce in Bitcoin dominance should occur, further supporting Bitcoin\u2019s price in the short-term.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CPretty_routine%E2%80%9D\"><\/span>&#8220;Pretty routine&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Veteran hedge fund manager and investor Ben Miller also came out in support of Bitcoin&#8217;s bullish bias, calling its recent downside correction as a &#8220;routine pullback.&#8221; <\/p>\n<p>&#8220;If I liked something at higher prices, it is a safe bet I will like it even more at lower prices,&#8221; said the former\u00a0Legg Mason Capital Management CIO as he cited similar Bitcoin price dumps during the mammoth 2017 bull market.<\/p>\n<p>But bearish woes continue to offset the bullish predictions, especially as Guggenheim\u2019s CIO Scott Minerd, who called for a $600,000 price target for Bitcoin, did a complete backflip\u00a0while referring the cryptocurrency with &#8220;Tulipmania.&#8221;<\/p>\n<p>Meanwhile, Mark Haefele, CIO of UBS Global Wealth Management, called Bitcoin an unreliable store-of-value asset over its high price volatility.\u00a0Julius de Kempenaer, a senior technical analyst at Stockcharts.com, also noted that Bitcoin&#8217;s recent price crash dampened its safe-haven outlook.<\/p>\n<p>Bitcoin was trading above $40,000 at the time of this writing, up more than 30% from its sessional low of $30,000.<\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bye-alt-season-analysts-see-traders-rotating-back-to-bitcoin-after-30k-reset\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Bye alt season? Analysts see traders rotating back to Bitcoin after $30K &#039;reset&#039;&#8221; The short-term investment case for Bitcoin remains intact on the prospects of rotational trading from altcoin markets. &lt;p&gt;The Bitcoin (BTC) market bias stands divided on how to interpret the BTC price\u00a0crash this week, wherein the pair lost more than 35% of its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":254479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvOTQyZjFmNjUtZWFlZi00OGMzLWFiZWUtNTBkZjQ3ZTA4OGZiLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-254478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/254478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=254478"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/254478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/254479"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=254478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=254478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=254478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}