While Bitcoin has been rising significantly and seemingly the entire cryptocurrency market, not many altcoins have been favored. Even for those altcoins that are rising, their gains have not been proportionate with that of Bitcoin, thus the market is not very good for altcoins at the time.
However, a cryptocurrency trader known on Twitter as Scarface says a dip in Bitcoin price by a few hundred dollars would be an opportunity of a lifetime for the alts to jump on the recovery bandwagon. He does not, however, guarantee that Bitcoin will experience a dip of that magnitude, only that it will give altcoins a chance to profit from the recovery.
Scarface, however, emphasized that not all altcoins will benefit even if Bitcoin does experience such a dip because many are destined for permanent destruction with no chance of recovery. This is quite a disturbing revelation which is likely to get altcoin holders wondering which ones are sure to be destroyed.
Some traders believe Bitcoin is never going down significantly again especially below $4,000. This still reduces the chance that Altcoins could have an opportunity to enter the recovery. In fact, some a trader believes altcoins have no chance whether Bitcoin surges or dips. Does that mean Bitcoin will leave them behind if it eventually breaks through $6,000?
Bitcoin has been trying to break through the $6,000 resistance for days but has not made any significant progress so far. However, based on several analysis of the market, Bitcoin will break through the resistance if it does not crash below its current range of $5,600-$5,800. Breaking through $6,000 will mean no future for altcoins according to Scarface’s analysis.
The market is currently marginally harsh for the top cryptocurrencies including Bitcoin, except for Bitcoin Cash. Therefore there could still be a chance for the alts to rise with Bitcoin when it eventually starts another big green move again. Like Scarface asked, if Bitcoin does dips…