Analysts have been anticipating the start of an altcoin season for months, but these predictions have yet to come true. Speculations on this issue have come to the fore again as Bitcoin recently fell to its lowest level in two months, that is, $ 63,860. Famous crypto analyst Michael van de Poppe states that many important events contribute to the unpredictable nature of the market.
The volatile nature of cryptocurrency markets continues and analysts continue to evaluate the situation. Despite the uncertainties in traditional markets, van de Poppe maintains a positive outlook for Ethereum (ETH). He states that many altcoins are showing resistance levels and double bottom formations have emerged. The double bottom pattern is a technical analysis formation that generally indicates that a downtrend is nearing its end and a recovery movement may begin. Based on these technical indicators, Van de Poppe points out potential recovery opportunities in the cryptocurrency market.
However, the increasing conflict between Israel and Gaza adds new uncertainty to the markets. Geopolitical tensions can lead to changes in investor sentiment, contributing to market volatility. In particular, the escalation of the Israel-Gaza conflict creates wide-ranging effects not only on local but also on global markets. Such uncertainties can cause investors to be more cautious and stay away from risky assets. Assets with high volatility, such as cryptocurrencies, may be under more pressure during these periods.
Whales Follow Altcoin Opportunities
CryptoQuant founder Ki Young Ju observed that whales are making significant moves in anticipation of the next altcoin season. Whales are investors who trade large amounts in the cryptocurrency market and significantly influence market movements. Ju's forecast notes that the increased interest in altcoin trading last year indicates strong demand from whales. An increase in demand indicates that whales are interested, and a decrease indicates that interest has decreased. The movements of whales are often seen as an important factor affecting the overall trend of the market.
Some experts think that the current altcoin market is similar to the period between late 2020 and early 2021, and this similarity could lead to a 400% increase in altcoin prices. This similarity makes some investors hopeful about a new altcoin rise.
What Does Benjamin Cowen Think?
But not everyone agrees. Crypto analyst Benjamin Cowen takes a cautious approach, stating that Bitcoin's market dominance could reach 60% by the end of the year. This may negatively affect altcoins. Cowen warns that altcoins may lose more value than Bitcoin, increasing risks. This emphasizes that a similar situation occurred in 2019 before the Fed's interest rate cut and may occur again.
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