Altcoins Hit New Lows: Analysts Predict Potential Bullish Rebound Ahead
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Altcoins have recently declined, reaching new lows against Bitcoin in the past week. A highly regarded crypto analyst, Michael van de Poppe, has commented on the development. In the recent X post, the analyst mentioned that most ALTs are down significantly.
#Altcoins have been printing a new low against Bitcoin during the past week.
However, the bottoming process is still ongoing.
If next week is going to continue the moment of altcoins after the bounce, then it starts to look great. pic.twitter.com/iojvHATtfi
— Michaël van de Poppe (@CryptoMichNL) August 11, 2024The market appears to be in the process of bottoming from where one might easily get the impression that things cannot get worse. However, he warned that the weeks to come are critical in deciding whether altcoins will be able to sustain a move to the upside and/or create a foundation for a recovery.
While, crypto analyst Captain Faibik has recently pointed out that market price has been in Descending Broadening Wedge Pattern since march 2024. This pattern always implies an accumulation phase, and therefore, it may be time for the bulls to start the attack in the market.
Altcoins Poised For Rebound
Faibik also mentioned that the majority of altcoins are down by 60-70% considering the peak price they reached in March and such a drop makes many holders worried. However, he thinks that the worst is almost over as Bitcoin is in the lowest point already suggesting a possibility of bullish run.
Since the March 2024 high, the Markets have been moving in a Descending Broadening Wedge Pattern.
We are currently in the Accumulation phase, just before the Next Massive Bullish Rally.
Most altcoins are down 60-70% since the March high, and I know Altcoin holders are… pic.twitter.com/ttWsBwMbOJ
— Captain Faibik (@CryptoFaibik) August 11, 2024According to the analyst, short term, the market may reverse and trade sideways for sometime before maybe a bullish run mid September. This forecast is pegged on the fact that Bitcoin would remain above $50,000 and it could pop to $150,000 in the next two to three months. From the investors’ perspective, this remains a perfect chance to stack Altcoins and Bitcoin in a bid to garner huge profits in the ballpark run slated for 2024-2025.
On investment advice, Faibik used to suggest that people invest in BTC specifically in August-September 2023 when trading around $17-18k. And that advise pay off since Bitcoin went high to $74k. He further convinces investors to go out and acquire as many assets as they can as the current market situation may favor the next onslaught.
Since the altcoin market is still in this bearish phase, everybody is expecting if there would be a bullish run or not. If so, it may bring some comfort and millions in profits to those who amass the commodity during the period of instability.
