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The post Altcoin Dump Ahead Before Inevitable Rise; Top Crypto Analyst Shares appeared first on Coinpedia Fintech News
The cryptocurrency market has recently been trending on wobbly sentiments, two weeks after the fourth Bitcoin (BTC) halving. The total cryptocurrency market cap slipped more than 3 percent in the past 24 hours to about $2.4 trillion on Wednesday as Bitcoin bulls struggled to establish control.
According to most crypto analysts, the notable silence in the crypto market precedes major volatility in the coming weeks.
Furthermore, the entrance of more institutional investors through spot BTC ETFs will further fuel the supply vs demand shock.
Michaël van de Poppe on Altseason’s Timeline
With Bitcoin dominance further grinding higher above 55 percent of the total crypto market cap, the anticipated alt season continues to be further delayed. Notably, the last major altseason was in 2021, when investors significantly distributed Bitcoin profits to the altcoin market.
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 prudent for every crypto investor, especially derivatives traders, to minimize their risk appetite and avoid forced liquidations.
For long-term investors, the coming weeks will be a final buy entry as the crypto industry prepares for an exponential rally to new all-time highs.
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