Renowned crypto analyst Yoddha has predicted a strong resurgence for altcoins. In a recent X post, the analyst highlighted that altcoins are set to bounce back robustly from their current position at the weekly 200 Moving Average (200MA). The analyst also confirmed a higher low formation, indicating a bullish continuation for altcoins.
Echoing this sentiment, renowned crypto analyst Michael van de Poppe recently posted on X platform that altcoins are now at their cheapest in three years. The analyst believes a bull market for altcoins is on the horizon and pinpointed specific events that could trigger this shift.
According to a recent YouTube video, the analyst revealed that one key factor is the Federal Reserve’s (FED) recent hawkish stance. The latest FED meeting, the most hawkish in the past year, significantly shifted sentiment towards crypto, driven by Jerome Powell’s remarks.
The analyst predicts that multiple rate cuts are likely despite the FED’s current forecast of just one. Historically, when yields peak, altcoins have experienced substantial runs. This pattern was evident in October 2023, when various altcoins saw a 5-10x increase against Bitcoin before Bitcoin surged ahead.
Analyzing the OTHERS/BTC chart, the current situation reveals a double bottoming procedure and the lowest valuations of altcoins compared to Bitcoin in three years. This pattern, noted in June, suggests that the recent heavy corrections could be finalized, paving the way for a strong rebound.
The crypto market has seen altcoins shift from bearish to bullish trends multiple times over the past three years. Chainlink is a notable example, correcting in the first half of 2022 before surging by over 120% in the latter half. A similar trend was observed in 2023, with Chainlink prices increasing by nearly 150% in the second half of the year.
Analysts Predict Imminent Altcoin Surge as Bitcoin Dominance WanesAccording to the analyst, a familiar pattern appears to be unfolding in 2024. Altcoins, including Chainlink, have experienced significant downward momentum, with corrections exceeding 60%. However, analysts see the second half of the year as a potential period for reversal. Historically, bottoms have been found around May/June, followed by substantial corrections and subsequent recoveries.
As the crypto community closely monitors these developments, the anticipated altcoin season could bring significant opportunities for investors and traders, marking a notable shift in cryptocurrency market dynamics. This potential comeback for altcoins underscores the cyclical nature of the crypto market and highlights the importance of strategic investment timing.
