Altcoins

Altcoins to Bottom in Early Summer Ahead of Bull Run — Analyst — TradingView News

Published

9 months ago

12 May, 2024

Traders prefer OG over Dogecoin and other Altcoins — TradingView News

Aside from Bitcoin, the cryptocurrency market could hit its local low in June, marking the start of the altcoin’s next bull cycle, according to market analysts.

Altcoin Bottom Could Come in June — Analyst

Based on historical chart patterns, altcoins could reach their local lowest price around the beginning of June, according to popular crypto analyst Rekt Capital, who wrote in a May 8 article:

“Altcoins follow the plan perfectly. Altcoins reached their lowest level in early February. Altcoins sold off around the BTC halving. Altcoins bottom out in early summer.

Cointelegraph

The altcoin market has taken a beating over the past month. The market capitalization of altcoins, excluding the 10 largest cryptocurrencies, fell more than 21% over the past month to $265 billion.Cointelegraph

Despite the monthly decline, the altcoin’s market cap is still up over 24% year-to-date (YTD) and over 167% over the past year.

Altcoin sentiment is historically correlated with Bitcoin BTCUSD price. Altcoins may hit local lows around June as market sentiment and Bitcoin price remain subdued by decreasing inflows from spot Bitcoin exchange-traded funds (ETFs) in the United States, according to Alex Onufriychuk, blockchain advisor and coach at Qubic Labs Accelerator. He told Cointelegraph:

“It is possible that they will reach their local low by June due to the lack of sufficient new liquidity from Bitcoin ETFs in the United States and Hong Kong. This indicates that the consolidation period could be extended.

Related: Has XRP price bottomed against Bitcoin?

Bitcoin Breakout Will Trigger Altcoin Bull Cycle – Nansen

Despite the existence of a potential local bottom, an altcoin bull run would first require the price of Bitcoin to rise higher, according to Aurelie Barthere, senior research analyst at Nansen, who told Cointelegraph:

“Altcoins are high beta cryptocurrencies, they succeed when sentiment is very optimistic. Since mid-March, crypto investor sentiment has been less exuberant. As BTC price consolidates around the 20-day exponential moving average, alts are more volatile. We need a breakout above and a clear resumption of the BTC uptrend for alts to outperform.

BTC price is showing lower highs since mid-March. However, many analysts say this is a healthy period of consolidation after the halving. Additionally, the charts suggest a multi-month bull flag is shaping up to hit new all-time highs later in 2024. Cointelegraph

Since altcoin sentiment is strongly tied to the price of Bitcoin, finding a local bottom would not necessarily result in an altcoin rally, Qubic Labs’ Onufriychuk wrote:

“Even if altcoins hit their local low around June, it does not necessarily mean that a bull run will begin. For a significant turnaround, more fundamental changes are needed, such as increased retail and institutional investment and favorable regulatory developments, given the scarcity of new liquidity and the heavy reliance on institutional reinvestment in new projects.

On the monthly chart, 10 out of 12 moving averages (MAs) are giving a buy signal for top altcoins, such as Ether (ETH), which has been struggling. Moving average indicators are commonly used in technical analysis to determine the average price of the underlying asset in relation to a given time period.Cointelegraph

Altcoin prices could also rise due to the M2 money supply, which turned positive year-over-year for the first time since November 2023, signaling that investors may soon start looking for hedges against the inflation or alternative investments.

The M2 money supply estimates all cash and short-term bank deposits in the United States.

As the money supply increases in the world’s largest economy, some of the new supply could end up in altcoins and memecoins, contributing to the start of the “altszn”.Cointelegraph

Related: Bitcoin distribution ‘danger zone’ is over, analysts say

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

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Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.