Markets
Don’t fear consolidation! Analysts are predicting a massive bull run in Altcoins
The last few days have seen the cryptocurrency world locked in a constant struggle between buyers and sellers, leading to a phase of consolidation with no clear winner. This surrounding uncertainty Bitcoin (BTC) has pushed investors to make profits in the altcoin market in the short to medium term.
Despite this flow, savvy traders are strategically accumulating specific crypto assets, anticipating significant rallies in the near future.
Key catalysts on the horizon
The crypto space finds support in fundamental factors such as Bitcoin’s fourth halving and recent approvals of spot BTC and Ethereum ETF in major financial centers such as the United States and Hong Kong. These developments lay the foundation for greater institutional investment, strengthening liquidity within the sector.
Notably, according to Nansen data, Singapore’s top bank, DBS, disclosed Ether holdings worth nearly $650 million, highlighting the growing acceptance of cryptocurrencies.
Waiting for stability
While some altcoins, particularly in the realm of meme coins, have seen notable gains, most others are still finding their footing following the bearish breakout earlier this year.
Renowned crypto analyst Michaël van de Poppe predicts that the total capitalization of the altcoin market will soon stabilize around $667 billion, indicating a potential turning point.
Van de Poppe’s optimism is shared by another respected analyst, MikyBull Crypto, who draws parallels between the current altcoin market and the rally seen in 2016/2017.
According to this view, the ongoing correction is a final adjustment before an expected significant rise, suggesting a prevailing sentiment of impending bullish momentum in the altcoin realm.
Also check: Vanguard faces criticism for refusal to list spot ETFs on Ethereum