Altcoins Set for a Remarkable Resurgence Anticipating a 100 Rally Amidst Crypto Market Correction
In the previous week, the cryptocurrency market, excluding Bitcoin, has experienced a 3% decline, and over the past month, it has decreased by nearly 10%. This indicates a shift of funds away from altcoins, potentially leading to a depreciation in their value over time. However, certain altcoins with strong fundamentals or reduced supply could potentially make a comeback.
Meanwhile, well-known crypto analyst Michael van de Pop believes that this could be the final correction before new capital enters the altcoin market.
According to van de Pop, the sentiment surrounding altcoins is currently pessimistic, as evidenced by the decreasing Bitcoin valuations of various altcoins, which have reached new lows. His analysis suggests that the current situation in the altcoin market may follow past trends, hinting at the possibility of a similar resurgence.
A chart provided by van de Pop illustrates this sentiment. The #Altcoin sentiment is currently abysmal, as the BTC valuations of all altcoins are reaching new lows. In previous instances, this led to significant gains for certain altcoins, such as Solana ($SOL) gaining over 500%, Fetch.ai ($FET) gaining over 650%, and Render Token ($RNDR) gaining over 300%. It is expected that altcoins may experience similar outcomes this time.
By highlighting these past occurrences, van de Pop presents compelling evidence for his prediction of a potential resurgence in altcoins. Despite the current challenges faced by altcoins in relation to Bitcoin, van de Pop’s analysis suggests that the market may be on the verge of a turnaround similar to previous rallies.
Van de Pop expresses optimism for the future of altcoins, noting that the alt market cap is currently 50% below its all-time high in 2021, and the recent correction has worsened the decline by an additional 30%. As the correction nears its end, van de Pop anticipates a potential 100% rally in altcoins, mirroring the trajectory of Bitcoin.