Analyst predicts an altcoin season with growth of up to 300-650%
Crypto analyst Cody Buffington predicts the upcoming altcoin season, citing network data and market trends as key indicators.
According to Buffington, the current drop in the bitcoin price is testing investor sentiment, as a fluctuation in the BTC price near a support level could affect the market's direction.
The expert emphasized bitcoin's bearish trend, noting that it has pushed the major cryptocurrency below several moving averages. Consequently, the demand for BTC is experiencing a temporary downturn and bitcoin exchanges are slowing down their transaction activity.
His view is in line with Santiment analysts who claim that investors in general became wary of investing in bitcoin and lost interest in it when the price fluctuated between $66,000 and $65,000. Such extended FUD levels are rare, but BTC trader fatigue combined with cryptocurrency accumulation could lead to notable rebounds.
Focusing on altcoins, Buffington emphasized the current market weakness. He added that analysts believe this could be the last correction before capital returns to the altcoin market.
Buffington recalled that the last time the market reversed after a drop, some altcoins rose 300-650%.