Altcoins
Here’s What Analysts Are Saying About the Altcoin and Crypto Market Crash
There was recently a major crash in the altcoin market, with some top altcoins falling more than 40% in the past two weeks. Several stories are circulating on the Internet regarding the possible reasons for this accident. But does this crash mean the end of the uptrend? We looked at different analyst views, some of whom believe altcoins will continue to bleed.
Analyst Mustache noted that the 3W Gaussian channel moved from red to green for the first time since 2020, a change that previously preceded an Altseason by several months. Miky Bull suggested that this is a setup to trick investors into thinking the cycle is over, when in fact he is setting up one last huge bull run.
Miky Bull remarked: “This is exactly what is happening right now to make you believe this cycle is over, when it is in preparation for one last huge bull run. »
Educator and mathematician Crypto With Khan drew attention to the alarming situation of altcoins, pointing out that Bitcoin has not even broken $60,000, but altcoins are suffering as if they cost $42,000. He highlighted the need for internal enablers, such as dapps that transition from Web2 to Web3 and sustainable games, instead of relying on celebrities, meme culture or external factors that only benefit to a few.
Crypto With Khan also said that altcoins are at their lowest points over the last 2-3 years against ETH and BTC, barely above 2021 levels, marking the worst period for altcoins. Analyst Dami-Defi expressed optimism about the future of altcoins, saying BTC dominance is unlikely to exceed 58-60%. Despite some remaining challenges for altcoins, he advised patience, suggesting that a new season would begin relatively soon.
Andrew Kang observed that Bitcoin and altcoins have been on parallel paths for over a decade, but those paths are now starting to diverge, potentially leading them in opposite directions in the long term.
He said,
“For over a decade, Bitcoin and altcoins have followed parallel paths. We are at a point where these tracks are starting to separate. In the long run, one may go in one direction and the other in the opposite direction.
Read also: Bitcoin, Ethereum and XRP Price Prediction: Is the Bull Rally Over?