Perfect Settings For Alt-Season 2019? In 2017 It Started Like This

It’s safe to say that the last several days were fairly turbulent for Bitcoin’s price. The cryptocurrency surged from around $8,150 to about $8,800 in a few days and lost all of its gains in a shattering red hourly candle which brought its price back to around $8,300. Now, popular analysts are seeing a resemblance in Bitcoin’s behavior with that in 2017 which led to the most prominent altcoin season we’ve seen yet. Will history repeat itself?

Bitcoin’s Price Performance

Towards the end of last week, we saw Bitcoin’s price jumping from $8,150 to $8,800, seemingly shattering important resistance levels on the way up. However, the enthusiasm was short-lived and rather for not, because it turned out that this is a fake breakout.

Consequently, Bitcoin’s price pulled back from $8,800 and it dropped to around $8,300. Interestingly enough, this happened in just one devastating hourly candle.

Since then, the action has stagnated and Bitcoin trades in a narrow range with a few exceptions.

BTC/USD. Source: TradingView

At the time of this writing, Bitcoin is trading at around $8,280 and holds a market cap of $150 billion Bitcoin’s dominance index has also been suffering over the past couple of weeks, as it’s now 66.4%.

Altcoin Season In Sight?

Past performance shouldn’t be taken as an indicator of future growth. However, it is absolutely imperative to consider historical data when identifying key moments in Bitcoin’s price and in the movement of different altcoins.

A popular cryptocurrency trader has just brought up a comparison between the performance of Bitcoin and altcoins now and back in 2017.

He says that the 2017 altcoin season began right after the first big dip on Bitcoin from $1,300 to $900.

We can see some similarities in the charts. It’s important to note that…

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