Altcoins

Here’s what analysts are saying about the collapse of the altcoin and cryptocurrency market

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There has been a major crash in the altcoin market recently, with some major altcoins dropping by over 40% in the last two weeks. Various narratives are circulating on the Internet regarding the possible reasons for this accident. But does this crash mean the end of the bull run? We have looked at several analysts’ perspectives, some of whom believe that altcoins will continue to bleed.

Analyst Mustache noted that the 3W Gaussian channel went from red to green for the first time since 2020, a change that previously preceded an Altseason that lasted several months. Miky Bull has suggested that this is a situation to trap investors into thinking the cycle is over, when in reality he is preparing for a huge final bull run.

Miky Bull noted, “This is exactly what is happening right now to trick you into believing that this cycle is over, while it is in preparation for a huge final bull run.”

Educator and mathematician Crypto With Khan brought attention to the alarming situation for altcoins, pointing out that Bitcoin hasn’t even surpassed $60,000, yet altcoins are suffering as if they were at $42,000. He emphasized the need for internal catalysts, such as dapps that transform Web2 into Web3 and sustainable gaming, instead of relying on celebrities, meme culture or external factors that benefit only a few.

Crypto With Khan also said that altcoins hit their lowest point in 2 to 3 years against ETH and BTC, only slightly above 2021 levels, marking the worst time for altcoins. Analyst Dami-Defi expressed optimism for the future of altcoins, stating that BTC dominance is unlikely to exceed 58-60%. Despite some remaining headwinds for altcoins, she advised patience, suggesting that the altseason will begin relatively soon.

Andrew Kang noted that Bitcoin and altcoins have been running on parallel tracks for over a decade, but now those tracks are starting to diverge, potentially taking them in opposite directions in the long term.

He said: “For more than a decade, Bitcoin and altcoins have been on parallel tracks. We’re at a moment where those tracks are starting to separate. Over a long time horizon, one can go in one direction and the other in the opposite.”

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