Before the inevitable rise, altcoins are dumping.
The cryptocurrency market has recently been volatile, two weeks after the fourth Bitcoin (BTC) halving. On Wednesday, the global cryptocurrency market capitalization fell by more than 3% in the previous 24 hours to almost $2.4 trillion as Bitcoin bulls tried to maintain control.
Most crypto specialists believe that the market’s unusual stillness will be followed by significant volatility in the following weeks.
Furthermore, the entry of more institutional investors via spot BTC ETFs will exacerbate the supply/demand shock.
Michaël van de Poppe discusses Altseason’s timeline.
Bitcoin’s dominance has risen above 55% of the whole crypto market capitalization, delaying the predicted alt season even further. Notably, the last large altseason occurred in 2021, when investors shifted a significant portion of their Bitcoin earnings to the altcoin market.
There is a possibility that #Ethereum will sweep the lows again. Why? – Delay or denial of ETF approval in two weeks. The ETF’s adoption is expected in August, followed by a final correction.
With Ethereum price being the ultimate trigger of an altseason, popular crypto analyst Michaël van de Poppe has opened the altseason could further delay. Moreover, the crypto analyst expects the Ethereum price to dip further towards the support range between $2,480 and $2,563.
The crypto analyst noted that the anticipated rejection of spot Ether ETFs in the United States will further weigh heavily on altcoin’s bullish sentiment. Nonetheless, Poppe highlighted that the US SEC will eventually approve spot Ether ETFs, perhaps before the upcoming general elections.
So What?
The cryptocurrency industry might continue with the recent choppy market in the coming weeks before establishing solid Support levels. As a result, it is important for all cryptocurrency investors, particularly futures traders, to limit their risk tolerance and avoid forced liquidations.
Long-term investors will see the coming weeks as a final buy opportunity as the cryptocurrency industry prepares for an exponential climb to new all-time highs.
Conclusion
In conclusion, the tokens discussed exhibit significant potential within the volatile landscape of cryptocurrency, driven by bullish sentiments and notable market activity. However, it’s crucial to acknowledge the inherent risks associated with investing in digital assets, characterized by their high volatility and market fluctuations. This analysis does not constitute investment advice but rather offers a projection of market trends based on current data. Investors are advised to conduct thorough research and consider their risk tolerance before engaging in cryptocurrency trading.
Disclaimer and Risk Warning
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