Many altcoins have dropped by 60-70% from their March highs. Most are struggling to retain their gains. This bearish shift has caused concern among altcoin holders. The market appears to be stagnant, with no immediate rebound in sight.
Captain Faibik predicts that the market could remain stagnant for several weeks. He anticipates a potential rebound starting in mid-September. This outlook has left investors anxious. The next few weeks could be crucial for altcoins.
Looking ahead to the fourth quarter, there’s some optimism that altcoins might bounce back to March’s high. This potential recovery offers some relief to investors enduring a period of low volatility and declining prices. Many traders in the crypto market are hopeful. They’re anticipating a shift to a more volatile environment, which could bring better opportunities. Overall, the sentiment is cautiously optimistic.
A technical factor that supports a bullish outlook on altcoins is the Altcoin/TOTAL2 monthly chart. This chart is close to forming a bullish cross. Such an event often signals the beginning of an upward trend. It provides hope for those anticipating a positive shift in the market. The bullish cross is seen as a positive sign. It can mark the start of a recovery. For many, this is a light at the end of the tunnel.
Altcoins Enter Bear Market, Hopeful
Even though the market is now in a bear market, a bull cross for the Altcoin/TOTAL2 might very well occur, strengthening the cryptocurrency. Traders and investors hoping to invest in cryptocurrencies and gain higher ground in the upcoming cycle should keep a closer eye on this. As a result of the market’s apparent short-term slowness, a rebound and retest of the highs are currently anticipated for mid-September and Q4.
The fact that altcoins’ market value is substantially less than in March suggests they have entered a bear market. Despite this, there is cause for hope for the upcoming months, particularly for Q4. The anticipated bullish cross on the Altcoin/TOTAL2 chart could be crucial in starting a fresh wave of altcoin prices, even though the market is still holding.
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Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.
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