Altcoins Facing Severe Losses, But Experts Suggest A Potential Upswing
The crypto market is not where it should be right now, at least in terms of prices – altcoins specifically – that some investors believe should be up, as always. Altcoins, otherwise known as any digital assets excluding Bitcoin, plummeted to new lows against Bitcoin last week. This decline is steep and has been gaining […]
The crypto market is not where it should be right now, at least in terms of prices – altcoins specifically – that some investors believe should be up, as always.
Altcoins, otherwise known as any digital assets excluding Bitcoin, plummeted to new lows against Bitcoin last week. This decline is steep and has been gaining attention from analysts. Two notable figures, Michael van de Poppe and Moustache, shared their views on the situation.
Deciphering The Current State Of Altcoins
One of the most respected crypto analysts, Michael van de Poppe, has aired his concern over the current state of altcoins. He wrote in a recent post on X that most altcoins were facing severe drops—a 60% to 70% takedown from peak prices in March 2024—which, he said, had met widespread unease among investors.
#Altcoins have been printing a new low against Bitcoin during the past week.
However, the bottoming process is still ongoing.
If next week is going to continue the moment of altcoins after the bounce, then it starts to look great. pic.twitter.com/iojvHATtfi
— Michaël van de Poppe (@CryptoMichNL) August 11, 2024
Van de Poppe thinks the market is approaching its bottom. Things may seem gloomy, but he is of the opinion that the next few weeks are critical. The question will be whether altcoins can find a bottom and then create a base for recovery.
If the downtrend continues, things will get worse before they get better. This cautious stance by Van de Poppe reflects his reputation for delivering a no-nonsense analysis, fearless of meeting the strong and bold realities brought by the trends of the market.
Analyst Shares A Different Perspective
On the other side, analyst Moustache has a differing view. In a recent X post, Moustache shared his analysis on the current altcoin market cycle. Comparing it with previous cycles, he noted that while history may not exactly repeat itself, it tends to rhyme.
History doesn’t repeat itself, but it often rhymes.
The cycle for the Totalmarketcap still looks very similar to the last one.
Did you know that a descending broadening wedge is currently forming below the 2021 resistance/ATH?
They don’t shake me out.
Bullish. pic.twitter.com/1VK4vMrYV1
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