Altcoins
Altcoin Slumps Ahead Before Inevitable Rise; Top Crypto Analyst Stocks
The cryptocurrency market has been on a shaky trend recently, two weeks after Bitcoin (BTC)’s fourth halving. The total cryptocurrency market capitalization fell more than 3% over the past 24 hours on Wednesday to around $2.4 trillion as Bitcoin bulls struggled to establish control.
According to most crypto analysts, notable silence in the cryptocurrency market precedes more volatility in the coming weeks.
Furthermore, the entry of more institutional investors through BTC spot ETFs will further fuel the supply-demand shock.
Michaël van de Poppe on the Altseason timeline
With Bitcoin’s dominance further surpassing 55% of the total cryptocurrency market capitalization, the expected alternative season continues to be further delayed. Notably, the last major altseason was in 2021, when investors significantly spread Bitcoin profits across the altcoin market.
Given that Ethereum price is the latest trigger of an altseason, popular crypto analyst Michaël van de Poppe opened that the altseason could delay further. Furthermore, the crypto analyst expects Ethereum price to fall further towards the support range between $2,480 and $2,563.
The crypto analyst noted that the expected rejection of spot Ether ETFs in the US will further weigh on the bullish altcoin sentiment. Nonetheless, Poppe stressed that the US SEC will eventually approve spot Ether ETFs, perhaps before the upcoming general election.
So?
The cryptocurrency sector may continue with the recent choppy market over the next few weeks before establishing solid support levels. As a result, it is prudent for every cryptocurrency investor, especially derivatives traders, to minimize their risk appetite and avoid forced liquidations.
For long-term investors, the next few weeks will represent a final buy as the cryptocurrency industry prepares for an exponential rally to new all-time highs.