Recent insights from cryptocurrency analysts show mixed views following the market decline that followed Bitcoin’s (BTC) test of $67,000. Traders are encouraged to use these analyses to better navigate market volatility. The emphasis remains on individual research to build individual trading strategies.
What do analysts say about altcoin trends?
Michael Poppe drew a pattern that could indicate altcoins are bottoming in his latest chart. Despite the volatility of the past week, he believes altcoins will trend higher after the dip.
Statistics show that the first week of October usually has different discounts than the rest of the month.
Impact of upcoming refunds on the market
If Poppe's prediction is correct, the altcoin market cap could rise to between $781 billion and $1.2 trillion, which is similar to 2021 levels. Furthermore, FTX is expected to issue a quarterly refund of nearly $16 billion, which could inject a large amount of cash into the market, leading to more altcoin purchases.
Analysts also believe that Bitcoin could continue to rise as several price levels are tested, creating important support for future growth. The current market situation reflects caution but also a bit of optimism, encouraging traders to look for potential opportunities.