Adaptive Fund analyst Willy Woo is known for meaningful and accurate Bitcoin forecasts. Recently, he has warned investors to steer clear of altcoins, though they have been waiting for altcoin season to come for some time now.
Altcoins, all cryptocurrencies that are not Bitcoin, have been on the rise, but Woo argues that trader should not hold their breath for better performance. In his analysis, he details why altcoin season is not coming soon, citing at least the end of 2019 or beginning of 2020 until performance starts to improve.
This is one of my alt-season indicators. A bullish cross of the 365d moving avg of [alt-coin marketcap / BTCUSD]. It’s crude and imperfect, but easy to pull up on TradingView. Alt-season is not guaranteed, if it happens I can’t see it happening till end of 2019 / start of 2020. pic.twitter.com/mOLFhXqky0
— Willy Woo (@woonomic) July 19, 2019
He continues, warning his followers that based on his many years in the industry, he is certain that altcoins cannot survive long term, with there existing only a few exceptions, including Ethereum (ETH).
His tweets received a lot of attention and further analysis:
altcoin dominance always bounced on the bottom of the channel, lets see what will happen this time pic.twitter.com/bcCTD7oUtS
— Mr. Crypt0 (@alexander_gr) July 19, 2019