According to TechFlow, Andrew Kang, co-founder and partner of Mechanism Capital, said that the most common mistake in the crypto market is to buy too early when the trend turns from rising to falling. He pointed out that the adjustment after the collapse of the large market structure is often deeper and longer than expected.
Kang advises not to buy when BTC is down 10% from its highs, but to buy for the next cycle when the market is generally liquidating and many people are exiting, questioning whether crypto is dead forever.
He believes that more than 98% of altcoins have peaked in this cycle, and only a few may hit new highs in the fourth quarter of 2024 or the first quarter of 2025. Bitcoin is transitioning to a super-cycle asset, combining the characteristics of previous cycle behaviors and mature macro assets. Kang also mentioned that it is mainly a few memecoins that may hit new highs, but they need to be selected carefully.
