In the beginning of Q2, Bitcoin‘s decline affected the Altcoins market negatively. A pessimistic mood has emerged among investors, despite an impressive recovery in Q1 2024 for the crypto market as a whole. As prices regain momentum, there is optimism among traders and analysts that better days lie ahead.
Altcoins Next Stop: Altseason?
On Fridays, certain traders expressed hopeful views regarding altcoins. As stated by investor Crypto Jelle, the graph of the altcoin market capitalization seems ready for a significant surge in the upcoming months.
An investor points out the resemblances in the way an altcoin behaved during past market upswings. According to the graph, following its peak of $474.5 billion in late 2018 (its all-time high), the altcoin sector retreated and gathered below the resistance level in anticipation of another bull market.
In the 2020-2021 stock market surge for cryptocurrencies, the total value of altcoins surpassed and stabilized near a fresh support level before resuming their growth, reaching another all-time high of $1.7 trillion.
Based on the investor’s observation, altcoins appear to be following the pattern of their previous bull market. After surpassing their resistance level, they seem to be gathering strength before potentially making a significant impact, much like they did during the last bull run. If history repeats itself, altcoins could once again demonstrate their impressive capabilities.
A well-known trader and cryptocurrency analyst named Titan of Crypto also voiced a comparable forecast as Jelle’s. The crypto community is expressing doubts among some members that “another altcoin season” will occur.
For those who are uncertain, the trader recommends stepping back and considering the bigger picture to understand where the market stands in its cycle. According to his chart, which does not include Ether (ETH), altcoins have experienced two “bullish monthly price movements followed by a period of consolidation.”
According to the graph, there’s a strong possibility that the market value could exceed its all-time high of $1.13 trillion and reach a staggering $3.25 trillion in the upcoming months, as indicated by the trend. The analyst is convinced that “Altseason2024” is an unavoidable event.
Predictions Are Up, Why Is The Sentiment Down?
On various social media outlets, people’s opinions appear to be more pessimistic than the positive predictions suggest. This week, Follis, the creator and head of Chroma Trading, expressed his views on X.
Based on the article’s content, he expressed that the current sentiment in the cryptocurrency world is among the poorest he has encountered throughout his experience. Furthermore, he believes that interaction has dwindled significantly as people seem to be largely inactive on X, Discord, and Twitch.
Sentiment at the moment is some of the worst I’ve seen in my 3y in crypto
On Twitter, Twitch, and Discord, there’s an eerie silence as engagement hits a low point. Bitcoin is just 6% below its all-time high ($BTC), but numerous altcoins have plummeted by 40% or more. For the next month or so, it seems there are no solid bids to be found. The only exceptions are brief and unpredictable market rotations.
— フ ォ リ ス (@follis_) April 11, 2024
The post sparked debate about potential causes, with Follis proposing a mix of “heavily invested long positions” and “traders believing prices would continuously rise.”
A different user commented, expressing that traders likely suffered substantial losses by purchasing Solana and MemecoinBase at high prices only to sell them at lower prices.
Top crypto trader Ansem entered the conversation with a opposing perspective, finding the previous viewpoint disheartening. Ansem highlighted that Bitcoin was valued at $70,000 and Ethereum at $3,500 when he posted, marking a significant rise of 129.8% for Bitcoin and 82.5% for Ethereum over the last year.
He also brought up the impressive improvement of SOL versus the bear market’s lowest point, as well as the exceptional growth of memecoins over the previous six months. Numerous individuals acknowledged that market downturns are typical occurrences during market trends and encouraged focusing on the long-term perspective instead.
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2024-04-12 22:16