As a seasoned researcher with over a decade of experience in the dynamic world of cryptocurrencies, I can’t help but feel a sense of déjà vu when reading about the current state of altcoins. The pattern we are seeing now is strikingly similar to what we witnessed during the bear market of 2019 and the subsequent recovery in 2020.
According to a cryptocurrency trader, it’s likely that altcoins might experience further difficulties before they start showing any signs of growth. The trader foresees a significant event known as “the final altcoin correction” happening soon.
In a recent post on X, ITC Crypto’s founder Benjamin Cowen stated that it seems as though the climactic end to the altcoin shakeout appears to have taken place on November 4th.
He added that this altcoin reckoning should be over by December 2024 or the second week of January 2025 at the latest. “It has been a long journey, and many gave up along the way, but this process was always going to play out,” he said.
The prediction is based on a final flush-out for altcoin markets, which occurred during the bear market of 2019, and the altcoin market capitalization chart is currently showing a similar pattern.
In 2020, altcoins experienced a steady bounce-back, and then reached new peaks in 2021. The expert predicts that a similar trend could occur in 2025.
In a separate post on X, he said that altcoin/Bitcoin pairs have continued to bleed for three years straight, adding that the last two altseasons have occurred in post-halving years 2017 and 2021.
As an analyst, I’ve noticed a striking resemblance to the altseason patterns observed in both 2017 and 2021. It seems we’re witnessing a repetition of these patterns after a gap of three years.
In the meantime, crypto investor ‘Sensei’ shared with his 60,000 followers that a massive “altcoin season” is expected to begin within the next ten days.
Right now, Bitcoin’s (BTC) control over the crypto market is as high as it has been since March 2021 at around 60.5%, according to TradingView data. It seems unlikely that we will see substantial changes in the altcoin market until Bitcoin’s share of the market drops below 50% again.
The value of cryptocurrencies decreased during the weekend, causing the overall market capitalization to drop to approximately $2.4 trillion by November 4th.
The brunt of those losses has been for altcoins, with ETH and SOL dropping 11% since their Oct. 30 highs, BNB has lost 8%, while Bitcoin has only dipped 5.8% since it topped $73,000 late last month as it continues to dominate crypto markets.
Read More
- The Masked Singer Christmas special line-up – who are the characters?
- CTK PREDICTION. CTK cryptocurrency
- CRV PREDICTION. CRV cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- Polygon: Analyzing the impact of derivatives on its price momentum
- AGI PREDICTION. AGI cryptocurrency
- BDX PREDICTION. BDX cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- IMX PREDICTION. IMX cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
2024-11-04 08:48