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CATEGORY: crypto trader sentiment


May 07, 2024 12:05

Analysts Foresee Altcoins Explosive Rally Incoming, Is The Correction Phase Over?

Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February. While some sectors of the crypto community felt like the bull run was over or needed to cool-off, others seemed optimistic about the cycles future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon. Related Reading: Heres When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Is The Correction Phase Over? Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at an RSI level that initiates an explosive rally. Per his chart, this level is a reset for a healthy rally, as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a huge rally followed. The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a Heatly retest. The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are in preparation for an explosive rally, if history repeats itself. Altcoins resembling performance between cycles. Source: MilkybullCrypto Similarly, crypto trader and analyst Captain Fabik considers the Healthy Correction is done. In his X post, the analyst identified a bullish falling wedge pattern, which signals a bullish rally incoming. Altcoins Cool-Off Or Euphoria Incoming? According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has successfully retested the $250 billion level as a support level over the last several weeks. Per the trader, the altcoins are following the proposed path of his Ultimate Altcoin Market Cap Game Plan For The Coming Months. On this plan, Rekt Capital forecasted altcoins market cap would surge to the $315 billion level before retracing back to the $250 billion mark. This retrace would be followed by an explosive surge above the $440 billion market capitalization. Altcoins have stayed above the $250 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is now showing initial signs of trying to curl up from here. Ultimate Altcoin Market Cap Game Plan For The Coming Months. Source: Rekt Capital Renowned figures have expressed their disappointment in altcoins performance this cycle. Altcoin Sherpa considers that many alts didnt even run that hard over the last few months, which could suggest that its time for a cool-off. At the time, the analyst deemed altcoins rally was done for the next 1-4 months. However, others believe the euphoria phase for altcoins is coming. According to Crypto Yhodda, The alts will rise again, and by the end of 2024, they will go crazy. Moreover, the analyst believes that Altcoins Cycle III will give us some crazy pumps. According to his chart, the altcoins cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called Round 1 by the analyst. Subsequently, the rally would repeat the pattern on a second round before reaching the cycles top. Cycle III appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it hits the euphoria phase. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Altcoins market capitalization sits at $1.045 trillion in the weekly-chart. Source: TOTAL 2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

Apr 13, 2024 12:05

Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment Down?

Bitcoins correction at the start of Q2 dragged down the Altcoins market, and a gloomy sentiment appears to surround investors despite Q1 2024 registering one of the best performances for the crypto market. As prices recover momentum, traders and analysts suggest a brighter future might be around the corner. Related Reading: Bitcoin To Go Ballistic After Halving, Says Top Analyst Heres Why Altcoins Next Stop: Altseason? On Friday, some traders shared optimistic forecasts for altcoins. According to investor Crypto Jelle, the altcoin market cap chart looks primed to go on a massive rally in the coming months. The investor highlights the similarities between the altcoins performance during the previous bull runs. Per the chart, after 2018s all-time high (ATH) of $474.5 billion, the altcoin market consolidated under the resistance zone in preparation for the next bull run. Altcoins market cap sitting at $1.15 trillion. Source: CryptoJelle on X During the 2020-2021 bull market, altcoins market cap broke out and consolidated around a new support zone before continuing its upward trajectory to its last ATH of $1.7 trillion. As the investor highlighted, altcoins performance looks like that of the previous bull run. They are seemingly consolidating after a breakout from the resistance zone. If history were to repeat itself, then altcoins could remind everyone what theyre capable of. Another trader and analyst, Titan of Crypto, shared a similar prediction to Jelles. According to the analysts, hes seen crypto community members believing that therell never be another altseason. To those in doubt, the trader suggests they zoom out to get a broader perspective on where the market is in the cycle. Per his chart, which excludes Ether (ETH), altcoins are at the 2 bullish monthly candles followed by consolidation phase. Run up prediction for altcoins, excluding ETH. Source: Titan Of Crypto on X. The chart also suggests that the subsequent run-up could surpass the $1.13 trillion ATH and soar to a market cap of $3.25 trillion in the coming months. To the analyst, the #Altseason2024 is inevitable. Predictions Are Up, Why Is The Sentiment Down? Across different platforms, the sentiment seems to lean towards negative despite the optimistic forecasts. Follis, content creator and founder of Chroma Trading shared his experience on X this Thursday. According to the post, sentiment at the moment is some of the worst hes seen during his years in the crypto community. Moreover, he considers engagement is dead as everyone is quiet across X, Discord, and Twitch. Sentiment at the moment is some of the worst I've seen in my 3y in crypto Twitter, twitch, discord – everyone is quiet, engagement is dead$BTC only -6% from ath but lots of alts down -40% or more. No real bid to be found for a month or more, except on random rotations & — (@follis_) April 11, 2024 The post opened a discussion as to what could be the reason. Follis suggested a combination of over-leveraged top longers and traders who expected price to go up indefinitely. Another user weighed in, suggesting traders lost significant money buying high and selling low on Solana and Base memecoins. Top crypto trader Ansem joined the discussion, disagreeing with the depressing take on the current market. The trader pointed out that BTC was at $70,000 and ETH at $3,500 at the time of his post. These prices represent a 129.8% and 82.5% increase in the past year. Similarly, he highlighted the performance of SOL compared to the bear market bottom and the remarkable performance of memecoins in the past six months. Many users agreed that drawdowns are usual during market cycles and ultimately suggested looking at the bigger picture. Related Reading: Crypto Analyst Unveils Top Altcoins For Biggest Returns This Cycle Altcoins market cap is at $1.15 trillion. Source: TOTAL2 on Tradingview Featured Image from Unsplash.com, Chart from TradingView.com

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