Altcoins
Analysts expect a 100% increase as the Altcoin rally approaches
The cryptocurrency market is in a downtrend where the global market capitalization hit a one-month low at $2.26 trillion. Furthermore, the indicative of fear and greed the value is at 44, the lowest point in months, and is closer to the bear market. Market sentiments are continuously declining with the value of the altcoin. However, things are about to change as analysts believe this is the last correction before we see a rally in altcoins.
In addition to Bitcoin, all other cryptocurrencies are called altcoins, which are millions. Despite Bitcoin’s dominance and popularity, others also offer similar or even higher earnings. This year alone, more than 23 altcoins have outperformed Bitcoin in terms of earnings, and many more may do so as dominance slowly catches up.
Michaël van de Poppe’s analysis of the Altcoin Rally
On June 22, Michaël posted his prediction of the altcoin rally on X, mentioning their terrible performance these days. This is due to the decline in Bitcoin valuations in the case of most altcoins, but the good news is that the last time this happened, cryptocurrencies boomed, creating the altcoin rally.
According to Michaël’s post, the altcoin may mirror previous trends where Solana price increased 500%, FET increased 650%, and RNDR gained 300%. Furthermore, he called it the last correction before the altcoin rally as new capital enters the cryptocurrency market.
This chart explains it all. THE #Altcoins sentiment is currently dire, as BTC valuations of all altcoins are hitting new lows.
Last time this happened:$SOL went +500%$FET went +650%$RNDR went +300%
This time, altcoins are likely to do the same. pic.twitter.com/KYpzPqwDKV
— Michaël van de Poppe (@CryptoMichNL) June 22, 2024
Comparing previous trends and recognizing the current phase of altcoins, there are high hopes that Michaël’s prediction will come true.
July is the month of Altcoins
Another crypto analyst, Crypto Anbu, presented his views on the altcoin rally. According to his analysis, July is the favorable month for altcoins as the charts are returning to the 8-year trend line, challenging various FVG bears.
$OTHER.D – July, a good month for #Altcoins?
OTHERS.D is the market capitalization of cryptocurrencies excluding the dominance of the top 10 coins
We can see how it is returning to its 8 year long trend line and is not respecting the multiple FVG bears
July should be a good month for altcoins#Bitcoin $BTC pic.twitter.com/nZehkzJhzp
— Crypto Anbu (@CryptoAnbu_) June 23, 2024
Another crypto analyst, Mikybull Crypto, highlighted a 2020 price pattern on current charts, calling it an “explosive rally load.” According to him, within a few days or weeks, the altcoin rally will begin, exploding the cryptocurrency market with new gains.
Furthermore, the decline of 2%. Bitcoin dominance it is also a sign of liquidity traveling to other cryptocurrencies, which is one of the first signs of the start of altcoin season. As the price of Bitcoin is falling, it is opening the channels for investors to focus on altcoins.
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