2024-06-19 21:45:09
Many people don't understand how altcoins work and why they need patience during market corrections. Not so long ago from October 2023 to March 2024, the altcoin market had a huge run, going from $300 billion to almost $800 billion in market cap, a 150% increase in just five months. Corrections are normal after such huge growth, but many retail investors struggle with this. Recently, the market corrected by 25%, dropping to around $550 billion which is more than healthy! I believe altcoins have nearly hit bottom and are getting ready for another big rise, most likely reaching $1 trillion and setting new all-time highs.
Let's look at what happened before: On November 30, 2020, Bitcoin reached a new all-time high, doubling from $10,000 in October to $20,000 in just 30 days. During this Bitcoin surge, altcoins didn't move much, and investors lost hope. But two months later, on January 4, 2021, altcoins started a huge rally, x3 in market cap within a month. This pattern of boring sideway and dumps, followed by explosive growth looks a lot like what's happening now. Investors are tired, especially with altcoins, but this exhaustion often comes before big gains.
Because of this, I'm placing orders on several altcoins at these prices. (Orders = Once price reached, I buy)
- #SAND: $0.22
- #STX: $1.48
- #ARB: $0.61
- #IMX: $1.22
- #ETH: $2,890
- #OP: $1.58
- #SEI: $0.28
- #FRONT: $0.85
- #JASMY: $0.029
- #OMNI: $9.21
- #ZK: $0.17
- #RUNE: $3.45
- #IO: $2.70
- #TON: $5.50
- #NOT: $0.10
- #BNB: $396
*IMPORTANT: Due to market maker manipulation and many people placing orders at these exact levels, my orders are 3-5% higher or lower to avoid missing out.
Remember, the next big event is the ETH ETF launch on July 2nd. I don't expect a huge pump on that day, similar to what we saw with the BTC ETF launch. Instead, I think the next 3-4 weeks will look sideways or bearish for altcoins. But by mid-July, I expect a big reversal and the start of a new run. Right now, altcoins are at a low point, and only a few will make it. In the chart we can see two options:
Option A) Reaching $550bn market cap and bounce which is not very likely as long there is no bullish sentiment in market, especially if $550bn is reached before 2nd of July or few days after!
Option B) Reaching the region of $480bn, testing Weekly moving average 200 and bouncing from there sounds more logical, especially when this happens in mid July! If this happens, its another 15% drop in market altcoin cap which sounds again, most logical for me to cause mass panic and mass exhaustion, fullfilling the promise of altcoin capitulation and the start of the promised reversal!
No matter what, we are just 10-15% away from the altcoin market cap bottom. Even buying now, will play out in the long term in my opinon. My orders are set and Iam going to wait till mid July, its the timing in which I expect altcoins to start moving up and fully bottomed out!
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