5 well-known crypto analysts assess the state of the altcoin market ahead of the upcoming Bitcoin halving. According to the estimates, the period until April 2024 may be the ideal time for savings.
The shifting Fed will open up new opportunities in the altcoin market, according to Van de Poppe
Poppe, the popular crypto analyst with 600,000 followers, recommended that the time before the next Bitcoin halving be considered the ‘accumulation phase’. The next Bitcoin halving will take place in April 2024. According to the analyst, the altcoin market will remain out of sight during this 8-12 month time frame. The Fed’s start to lower interest rates in the coming months will be the first step of the movement. Poppe advises investors to consider this process as the ‘accumulation phase’.
Similarly, another popular analyst, Lark Davis, emphasized the importance of this process. The analyst says that for the period until April 2024, the altcoin market will remain in the accumulation zone. The YouTuber noted that historical trends show significant price increases after previous halving cycles. Davis also shared that he is actively buying cryptocurrencies.
Chris Burniske drew attention to the correlation between NDX and the altcoin market
Elsewhere, popular investor Chris Burniske, who foretold the 2022 crypto crash, says that another exchange of the crypto market will follow in its footsteps. Burniske says that crypto often rises when the Nasdaq 100 index (NDX) breathes.
The investor cites data from Glassnode founders Jan Happel and Yann Allemann, which states that since 2019, Bitcoin (BTC) has rallied several times after the NDX cooled down.
Happel and Allemann say that in May 2019, Bitcoin outperformed NDX after the index showed signs of a bullish trend. The Glassnode co-founders add that it’s the same situation in 2020 when Bitcoin overtakes NDX after the index stalls.
According to Allemann and Happel, the index is close to marking a local top. Therefore, Bitcoin is now on the verge of surpassing NDX once again. Burniske agrees with the Glassnode co-founders. He says the capital could eventually turn into riskier altcoins and other blockchain-based assets.
Credible Crypto says BTC can ignite with a single spark
The closely-followed crypto analyst sees BTC preparing for a parabolic surge following the recent drop. In his current analysis, he said that Bitcoin’s pullback above $30,000 is part and parcel of an uptrend that could propel BTC to fresh yearly highs. The crypto strategist predicts a steep climb for Bitcoin that wipes out months of consolidation in a matter of days. Regarding timing:
Consolidation precedes expansion. Our last corrective build lasted 48 days and was erased by just four days of instant price action. Our current corrector structure is 83 days so far. When we start the next impulsive move, we’ll probably erase the three-month corrective price action after a week or so.
Credible Crypto also looks at the amount of BTC held by long-term investors, or investors who haven’t carried their Bitcoin treasures for more than a year. According to the analyst, long-term BTC investors have been steadily increasing their stacks, despite a lot of disastrous news over the past year.
Credible emphasizes that the dwindling current BTC supply is preparing Bitcoin for a massive rise.
The balances in the cryptocurrency market have changed
The extremely volatile days of June and the loss of funds caused by the Binance lawsuit led to radical changes in terms of market dominance. cryptocoin.com We have included the latest developments from the Binance case in this article. After the developments, the latest situation is as follows:
BTC and ETH dominance
Bitcoin saw an increase in its dominance and captured 50% of its total market after about 2 years. Ethereum also experienced a significant increase, with a market cap of $208.14 billion. Thus, it consolidated its dominant power position in the bilateral market. These developments show that confidence in both BTC and ETH continues and their uptrend continues.
The rise of stablecoins
Stablecoins, designed to maintain a stable value usually pegged to fiat currencies, have seen an increase in market share recently. Collectively, stablecoins have a market cap of $130 billion, representing 11.6% of the total cryptocurrency market cap. Notable stablecoins such as Tether (USDT), USD Coin (USDC) and others have come to be seen as a more reliable store of value amid the volatility.
DonAlt on Twitter said, “BTC + ETH dominance has been on the rise lately. Altcoins in general are bleeding heavily. Meanwhile, stablecoins are accumulating volume. Where will this stop?” he asked a question.
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