An investor who goes by the pseudonym Nick Crypto Crusade wrote a bleak account of the state of the digital asset market, titled “The Bull Rally Is Cancelled and Altcoin Season Will Never Happen.”
Cryptocurrencies have lost their optimism, and even talk of a potential five-fold increase in the altcoin rate only evokes a smirk. It is amazing how much the market dynamics have changed since March [2024]…
When the meme token market was insane and Bitcoin was going for over $70,000, everyone was predicting a 50x increase in the price of various assets during the biggest altcoin season ever, and now these same people are predicting something completely different, wrote Nick Crypto Crusade.
Traders are in a gloomy mood because, as the investor believes, ordinary cryptocurrency traders do not believe that the altcoin season is coming soon and get rid of bitcoins every time the coin’s price approaches $70,000. In his opinion, the current situation is similar to the events that took place in 2022, when the digital asset market was in a bearish trend and no one saw the light at the end of the tunnel.
Nick Crypto Crusade summed it up by saying that there is a general consensus among traders that the bull run is over. No one knows for sure how the situation will develop. People are leaning towards Bitcoin falling to $40,000 or even lower, and the altcoin season, which is characterized by the explosive growth of alternative BTC cryptocurrencies, will never begin. However, Nick Crypto Crusade is not panicking and believes that the upward trend will resume, and all the skeptics will be among the losers.
