- While BTC might stabilize, altcoins are projected to plummet, reminiscent of past market patterns.
- Wise Advice’s analysis indicates a cyclic downturn, but emerging global factors could redefine the crypto narrative.
- With Bitcoin currently valued at around $27,567, Wise Advice expects significant lows for altcoins.
Wise Advice, a revered analytical account on the X platform, suggests the market could be on the brink of one of the most ruthless phases of a bear cycle. Their perspective highlights a pattern that has been observed in the past and may serve as a guiding post for strategic investments during these tumultuous times.
According to Wise Advice, the forthcoming market phase might reveal a stark contrast between Bitcoin and its alternative counterparts. Although Bitcoin shows minor surges, altcoins might experience a more subdued reaction.
We might be entering the most brutal phase of a bear cycle 😨🚨
— Wise Advice (@wiseadvicesumit) October 10, 2023
During this phase, when BTC pumps, alts will pump way less than it, but when BTC dumps, #altcoins will crash like there's no support.
#BTC dominance will rise, and despite BTC going sideways, a lot of alts will… pic.twitter.com/9occ45vL0b
Conversely, if Bitcoin faces a slump, altcoins could plummet, disregarding any underlying support. The dominance of Bitcoin is projected to ascend, and even with a lateral movement in its value, many altcoins might hit new lows.
Seasoned traders will recall the alt seasons of 2017 and 2021, where altcoins roared back after bearish phases. Wise Advice reiterates the cyclic nature of these markets, emphasizing the essentiality of strategic planning. For those with a portfolio of promising coins and a long-term vision, this is an opportune moment to consolidate and expand their positions. The essence lies in recognizing market patterns and reframing them as opportunities.
Currently priced at $27,567.25 per CoinMarketCap, Bitcoin has seen a trading volume of over $10 billion in the past 24 hours. Despite the significant loss since its peak in late 2021, its inherent value and dominance remain unchallenged. However, a glance at external market forces paints a complex picture. With the revelation of a potential leak from a significant tech entity, the crypto momentum of 2023 might see an unforeseen twist.
Parallelly, as the Federal Reserve grapples with the looming $33 trillion U.S. debt, analysts from Jefferies suggest a potential pivot back to money printing. This move could lead to a weakened U.S. dollar. Such a scenario could inadvertently position Bitcoin, and potentially other cryptocurrencies, as a resilient asset, rivaling traditional bastions like gold.
