Analyst Forecasts 1520 Decline in Altcoin Market Prior to Next Bullish Surge

Key Points:
– The global cryptocurrency market has experienced a 3% drop in market capitalization in the last 24 hours, with Bitcoin falling below $63k.
– Analysts are predicting a potential 15-20% drop in altcoins before a future bull run.
– Ethereum’s network activity remains high, and the upcoming listing of Ether ETFs is fueling mid-term bullishness.

The cryptocurrency market has been hit by a 3% nosedive, reaching $2.4 trillion during Monday’s Asian trading session. Bitcoin, the leading cryptocurrency, has led this downward trend, causing the entire market to slump.

Bitcoin closed last week at around $63,000, a critical level that has raised concerns about further market declines. The price of Bitcoin has dropped by 2.3% in the past day, now trading at approximately $62,800 on Monday. Analysts are warning that if Bitcoin continues to close below $63,000 in the coming days, it may test support levels above $60,000.

Crypto analyst Ash Crypto is predicting a prolonged consolidation period for altcoins lasting 6-9 months before a potential surge in what could be a mega altseason. However, there is caution that if Bitcoin’s bearish sentiment persists, the altcoin market could see a significant correction of 15-20%.

As the focus shifts from US-based spot Bitcoin ETFs, interest in the Ethereum network is growing. On-chain data analysis from Santiment shows that Ethereum has recently experienced a surge in active addresses, surpassing 617,000 addresses last week. Speculation is building around the upcoming listings of approved spot Ether ETFs in the United States, with BlackRock and Fidelity already seeding their respective Ether ETFs in anticipation of next month’s listings.

With all these developments, the question remains: can Ethereum withstand the current crypto market correction?

Tags: Altcoins, Bitcoin, Price Analysis.