We saw strong correlation between BTC and traditional markets in March, is this relationship maintained? If so, a second wave of COVID may spark another bearish move across cryptos as well. Personally, I feel that the market has been trained, both institutions and retail know that gold and BTC are the hedge so I suspect a move down will be much smaller than in March.
If the correlation with traditional markets has been broken, it is more likely that BTC will rally upwards.
Both of these scenarios will effect Alt Coins as the two are often strongly correlated, especially at the moment.
@CryptoCheck-, Thanks for sharing. I agree with your 'rope the bulls in for a move down' thesis. The likes of Greyscale are not buying up all the BTC to make small gains, they will be collecting on the moves down too...