The cryptocurrency market has been experiencing significant uncertainty and fluctuation lately. Especially after the fourth Bitcoin (BTC) halving event, it is observed that the market follows an unstable trend. This uncertainty caused the total cryptocurrency market value to fall by more than 1 percent to approximately $2.31 trillion in the last 24 hours.
Most crypto analysts state that there will be major fluctuations in the coming weeks despite the current silence in the market. This encourages investors to be wary of future price movements. Increasing institutional investor interest, especially through spot BTC ETFs, could have a significant impact on the balance of supply and demand. This development may lead to more volatility in the cryptocurrency market.
Predicting future price movements has always been difficult and therefore, it is important to be flexible to changes in the market.
Altcoin Season Delayed
Besides these, Bitcoin dominance stands out as an important factor in determining the general trend in the crypto market. According to current data, Bitcoin dominance has reached over 55 percent of the total crypto market. This indicates that the anticipated altcoin season continues to be delayed further than expected.
Ethereum’s price has become a determinant of seasonal expectations in the altcoin market. Popular crypto analyst Michaël van de Poppe stated that the Ethereum price may continue its downward trend, contributing to the delay of the altcoin season. According to the analyst, Ethereum price is likely to decline towards the support levels in the $2,480 to $2,563 range.
However, failure to approve spot Ether ETFs in the US could challenge optimism in the altcoin market. Analyst says US Securities and Exchange Commission (SEC) may approve spot Ethereum ETFs in the near future, perhaps ahead of the upcoming general election predicts. This may be an important turning point in the altcoin market and may enable investors to take positions in this direction. The analyst said the following on the subject:
“There is a potential case for Ethereum to clear the bottom again.
– Possible delay/rejection in ETF approval within 2 weeks.
“ETF adoption will likely occur in August, making an eventual correction on the horizon.”
As a result, it would be prudent for every crypto investor, especially derivative investors, to minimize their risk appetite and avoid forced liquidations in this uncertain environment. For long-term investors, the coming weeks may present a final entry opportunity to buy as the crypto industry prepares for a rapid rise to new all-time highs.
You can access current market movements here.
