Altcoins Shows Buy Signals, Massive Opportunity Beckons: Analyst
20 Marzo 2024 - 9:00AM
NEWSBTC
As the price of Bitcoin (BTC) continues to demonstrate a major fall
in valuation, indicating a gloomy attitude toward the crypto asset,
the bulls in the market are hopeful that the market will soon enter
another Season for Altcoins. Altcoins Showing Massive Buying
Opportunity Bitcoin’s recent dip signaled the beginning of
the decline in the cryptocurrency market, causing several
altcoins to drop significantly. However, many cryptocurrency
analysts believe that the drop in these altcoin prices might serve
as an opportunity for future gains since the alt-season is on the
horizon. Related Reading: The Tipping Point: Altcoins Bull Market
Incoming, Predicts Analyst – Here’s Why Popular cryptocurrency
expert and trader Michael Van De Poppe has revealed his optimism in
the altcoin market, highlighting the significant opportunities of
getting into these tokens before the alt-season begins. According
to Michael Van De Poppe, “some altcoins have now dropped by over
40%” in comparison to their past all-time high. As a result, Poppe
believes that this is the right time for investors to purchase
these digital assets to position themselves for future gains. Poppe
noted he normally invests in these tokens “during bull cycles when
they are about 25% to 60% less expensive.” This demonstrates the
crypto expert’s confidence in the assets to rally in the coming
months. While pointing out the massive opportunities in the market,
Poppe has underscored Arbitrum (ARB) as one of the altcoins
investors should watch out for. He believes that ARB could realize
substantial gains in time, as the token is down and poised for a
new leg UP. Recently, there have been notable advancements in the
crypto asset’s price, demonstrating momentum for an upward
movement. As of the time of writing, ARB was trading at $1.70,
indicating an over 10% increase in the daily timeframe. However, in
the weekly and monthly timeframe, ARB is down by 22% and 15%,
respectively. Meanwhile, Arbitrum’s market capitalization has
increased by roughly 10% to exceed the $4.5 billion threshold. Top
ALTs To Purchase After Bitcoin’s Retracement On-chain analyticS
platform Santiment has also highlighted the drop in altcoins as a
shot to garner profits in the upcoming months. Santiment pointed
out several altcoins that offer a “possible bullish opportunity,”
following Bitcoin’s crash today to a two-week low of $61,700.
Related Reading: Is Altcoin Season Upon Us? Here’s What Bitcoin’s
Performance Shows Some of the tokens listed by Santiment are
BOUNCE, LDO, OMG, STORJ, and SNX. The MVRV Opportunity and Danger
Zone Model, according to Santiment, shows that many altcoins have
now declined to the point where mid-term trading returns are in an
“opportunity zone.” However, when an asset’s 30-day, 90-day,
and 365-day average wallet returns add up to be negative, “this
zone is breached.” Even with the recent general correction, the
altcoins market appears to be headed toward a favorable long-term
picture. Consequently, this presents an excellent chance for
investors to purchase these digital assets at a reduced cost.
Featured image from Shutterstock, chart from Tradingview.com
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