Altcoins
Altcoins Showing Buy Signals and Massive Opportunity Looms: Analyst
As the price of Bitcoin (BTC) continues to show a significant decline in its valuation, indicating a gloomy attitude towards the crypto asset, market bulls are hopeful that the market will soon enter another phase. Season for Altcoins.
Altcoins Showing Massive Buying Opportunity
The recent drop in Bitcoin marked the beginning of the decline of the cryptocurrency market, causing several altcoins decrease significantly. However, many cryptocurrency analysts believe that the falling prices of these altcoins could provide an opportunity for future gains since the alt season is on the horizon.
Popular cryptocurrency expert and trader Michael Van De Poppe has revealed his optimism on the altcoin market, highlighting the significant opportunities to access these tokens before the start of the alt-season.
According to Michael Van De Poppe, “some altcoins have now fallen by more than 40%” from their previous all-time high. As a result, Poppe believes that now is a good time for investors to purchase these digital assets to position themselves for future gains.
Poppe noted that he normally invests in these tokens “during bull cycles, when they are around 25-60% cheaper.” This demonstrates the crypto expert’s confidence in the assets that will recover in the coming months.
While highlighting the huge market opportunities, Poppe stressed Arbitration (ARB) as one of the altcoins that investors should be wary of. He believes ARB could make substantial gains in time as the token is down and ready for further upside.
Recently, the price of crypto assets has seen notable advances, demonstrating the momentum of an upward movement. At the time of writing, ARB was trading at $1.70, indicating an increase of over 10% from the daily time frame.
However, on the weekly and monthly periods, the ARB is down by 22% and 15% respectively. At the same time, Arbitrum’s market capitalization increased by around 10% to exceed the $4.5 billion threshold.
Best ALTs to Buy After Bitcoin Retracement
On-chain analytics platform Santiment also Underlines altcoins falling in an attempt to generate profits in the coming months. Santiment highlighted several altcoins that offer a “possible bullish opportunity,” following The Bitcoin crash today at a two-week low of $61,700.
Some of the tokens listed by Santiment are BOUNCE, LDO, OMG, STORJ, and SNX. According to Santiment, the MVRV opportunity and danger zone model shows that many altcoins have now declined to the point where medium-term trading returns are in an “opportunity zone.” However, when an asset’s average portfolio returns over 30, 90, and 365 days turn out to be negative, “this zone is violated.”
Even with the recent general correction, the altcoin market appears to be heading towards a long-term favorable situation. Therefore, this represents a great opportunity for investors to purchase these digital assets at a reduced cost.
Featured image from Shutterstock, chart from Tradingview.com