Altcoins
98% of Altcoins Have Beaten the Market Cycle, Bitcoin in Transition
Mechanism Capital founder Andrew Kang believes that almost all altcoins have reached the peak of their market cycle. In contrast, he said that Bitcoin (BTC) is in the midst of a transition amid the latest price rally.
Kang Spots Bitcoin Market Turning Point
In one of his recent posts on X, Kang referred to a previous statement he made about a week ago, where he cited the cryptocurrency market trend.
The analyst noted that Bitcoin has led the cryptocurrency market to a turning point. This comes after prolonged periods of instilling and consistently rewarding trading behaviors. In the post, he highlighted a common mistake in the cryptocurrency industry. This involves buying crypto assets too early when the trend has reversed from high to low.
The most common mistake seen in the cryptocurrency markets is buying too early when the trend has changed from high to low.
Corrections resulting from major breakdowns in market structure are always deeper and longer than most people expect.
You don’t buy when some people are 10% bearish on BTC highs. Some… Italian: https://t.co/8vLwKXBa4G
— Andrew Kang (@Rewkang) July 7, 2024
According to Kang, corrections due to large disruptions in market structure are much deeper and longer-lasting than is usually expected. His advice to investors and traders is to buy Bitcoin and altcoins for the next cycle, when everyone else is liquidated, rather than when some people are facing bearish sentiment.
User X reacted to Kang’s post, saying that his comments suggest that the current cycle is over. He also asked if there was no point in buying a token soon.
To that end, Kang expressed his position on the 98% of altcoins at the top of the market cycle. Although not with specifics, he suggested that there are only a few coins that will reach a new high by Q4 2024 or Q1 2025.
Spot Ethereum ETF Trading to Trigger Price Surge
In particular, the number one altcoin Ethereal (ETH) probably doesn’t fall into the first category described by Kang. The cryptocurrency industry is currently waiting for the U.S. Securities and Exchange Commission (SEC) to approve spot trading of Ethereum ETFs.
Analysts and market observers are optimistic that the SEC’s decision will come within the next two weeks. If this happens as expected, ETH is likely to see another mega rally. At the time of writing, the altcoin was trading at $2,998.67 with a 1.64% decline in the last 24 hours. ETH price It is expected to rise to $3,800 and even higher in the near term, according to projections.
Kang acknowledged that Bitcoin is currently in a transition phase towards a “supercyclical asset”. However, it is not yet certain which direction the coin will take at this point.
To know more: Chainlink Price Analysis Suggests $20 Rally Amid Whale-Driven Momentum