Recently there was a major crash in the altcoin market, with some top altcoins dropping over 40% in the past two weeks. Several narratives are circulating on the internet regarding the possible reasons for this crash. But does this crash signify the end of the bull run? We examined various perspectives from analysts, some of whom believe that altcoins will continue to bleed.
Analyst Moustache noted that the 3W Gaussian Channel has changed from red to green for the first time since 2020, a shift that previously preceded an Altseason lasting several months. Miky Bull suggested that this is a setup to trap investors into thinking the cycle is over, while it actually prepares for a final huge bull run.
Miky Bull remarked, “This is exactly what is happening right now to trap you into believing that this cycle is done, whereas it’s in preparation for a final huge bull run.”
Educator and mathematician Crypto With Khan brought to attention the alarming situation for altcoins, pointing out that Bitcoin didn’t even break $60K, yet altcoins are suffering as if it were at $42K. He stressed the need for internal catalysts, such as dapps that transition Web2 into Web3 and sustainable games, instead of relying on celebrities, meme culture, or external factors that benefit only a few.
Crypto With Khan also said that altcoins are at their lowest points in the last 2 to 3 years against ETH and BTC, only slightly above 2021 levels, marking the worst time for altcoins. Analyst Dami-Defi expressed optimism for the future of altcoins, asserting that BTC dominance is unlikely to exceed 58-60%. Despite some remaining pain for altcoins, he advised patience, suggesting that altseason will start relatively soon.
Andrew Kang observed that Bitcoin and altcoins have run on parallel tracks for over a decade, but now those tracks are beginning to diverge, potentially leading them in opposite directions over the long term.
He said, “For more than a decade, Bitcoin and altcoins have run along parallel tracks. We are at a point in time where those tracks start to split off. On a long time horizon, one can go one direction and the other the opposite.”
