The price of Bitcoin (BTC) fell to $63,860, reaching its lowest level in the last two months. This decline has brought to the agenda again the issue of whether the altcoin season that analysts have been waiting for for months will come or not. Currently, the total value of the altcoin market outside the top 10 is at $213.364 billion. Famous crypto analyst Michael van de Poppe highlights several important factors that lead to uncertainty in the market.
Recently, stock markets have been following a very volatile course and investors are following macroeconomic indicators carefully. New economic data to be announced this week may affect market dynamics. Additionally, tensions between Israel and Gaza create additional uncertainty on markets. Geopolitical tensions can often lead to shifts in investor sentiment, causing market volatility. Investors are also cautious due to monthly closings and unemployment rate data to be announced tomorrow.
Van de Poppe maintains a positive outlook for Ethereum (ETH). He states that many altcoins are showing resistance and double bottom formations have emerged. These technical indicators indicate that there may be recovery opportunities in the cryptocurrency sector.
On the other hand, CryptoQuant founder Ki Young Ju observed that whales are making significant movements in anticipation of the next altcoin season. Ju highlights the increased interest in altcoin trading in the last year. When this trend picks up, it reflects strong demand from whales; When it falls, it shows indifference. Some experts think that the current altcoin market is similar to the situation in late 2020 and early 2021. During this period, altcoin prices increased by 400%, and this similarity makes some investors hopeful about a new altcoin rise.
But not everyone agrees. Crypto analyst Benjamin Cowen has warned that Bitcoin's market dominance could rise to 60% by the end of the year. He states that this situation may have negative effects on altcoins. Cowen reminds that altcoins can lose more value than Bitcoin, and a similar situation occurred in 2019 before the Federal Reserve cut interest rates. He warns that this scenario could happen again.
Here are the points that investors should pay attention to in this uncertain period:
Follow macroeconomic indicators carefully.
Do not ignore the effects of geopolitical events on the markets.
Analyze technical indicators on altcoins.
Use resources like CryptoQuant to track whale movements.
Observe Bitcoin's market dominance and adjust your strategy accordingly.
Cryptocurrency markets continue to be affected by both traditional financial indicators and geopolitical events. Bitcoin's price decline and signs of potential recovery in altcoins are creating uncertainty among investors. Movements of analysts and whales may provide clues about future market trends
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