๐๐ Bitcoin enthusiasts, buckle up! Andrew Kang, the brain behind Mechanism Capital, has some exciting predictions for us! He believes that a whopping 98% of altcoins have already reached their peak for this cycle. But hold on, it's not all doom and gloom! ๐๐ฐ
Kang suggests that a select few coins might still hit new highs between late 2024 and early 2025. And guess what? Meme coins are likely to be the stars of the show! ๐๐
In a recent post, Kang pointed out a common pitfall in the crypto markets - buying too early when the trend shifts from upward to downward. He warns that corrections following significant market structure breaks are usually deeper and longer than expected. ๐๐ฐ๏ธ
So, when do you buy? Kang advises, "You buy for the next cycle when everyone is liquidated, people leave the space, and the majority question whether crypto is dead forever." ๐ก๐ธ
When asked about meme coins, Kang responded, "Memes probably constitute a majority of the coins that have a chance of making new highs." But remember, with hundreds of thousands of meme coins out there, you've got to be picky! ๐ง๐
In other news, all eyes are on the U.S. Securities and Exchange Commission (SEC) as we await their decision on the launch of spot Ethereum ETF trading. This could potentially trigger a new rally for ETH. ๐๐
Lastly, Kang believes that Bitcoin is morphing into a "supercyclish asset," showing traits from previous cycles while increasingly behaving like a mature macro asset. So, BTC lovers, keep your spirits high and your eyes on the prize! ๐๐ฏ