 ▲ Virtual assets |
Bitcoin (BTC) showed a recovery trend after hitting a weekly low at $62,400. At the same time, altcoins also appear to be seeking recovery opportunities.
Cointelegraph, a cryptocurrency media outlet, reported that altcoins recorded excellent performance even after the weekly closing price, and that multiple experts viewed the outlook for altcoins positively.
Popular cryptocurrency trader Skew assessed that altcoins have successfully rebounded, but said there was a need to record a rally beyond the rebound between Monday and Tuesday of this week.
A virtual asset analyst working under the pseudonym Mustache predicted that the altcoin market would rise to its highest level after hitting an all-time high in 2017, and was confident of entering a perfect alt season.
Mustatch viewed the recovery of Tether (USDT)'s monthly market dominance after breaking below the rising trend line in 2024 as a stage of assessing the impact of the increase by selling some assets at the price before the price increase. He argued, “If Tether’s dominance goes down, altcoins’ dominance will rise.”
Michaël van de Poppe, founder and CEO of MN Trading, a famous cryptocurrency expert, shared a positive outlook on the altcoin market through Crypto Michaël, a YouTube channel specializing in cryptocurrency with 165,000 subscribers. .
Van de Pope noted that bearish sentiment has been dominant in the altcoin market over the past few weeks as a strong price correction has unfolded.
He said, “The bear market in the altcoin market continued for about two and a half or three years starting in January 2022. Additionally, the bear market is longer than the previous price adjustment cycle,” he explained.
Regarding this, he said, “The fact that the altcoin bear market has been long means that the upcoming bull market will also be longer than before,” and “Investor interest has recently decreased due to the price adjustment of altcoins, but this should be used as a future opportunity.”
Meanwhile, ahead of Mustatch and Van der Popp's forecast, on-chain data analysis company Santiment said, “Considering MVRV, 85% of altcoins are currently a golden buying opportunity,” and “After a sharp decline in market capitalization, the market “Buying when fear has grown may be a reasonable choice,” he diagnosed.
