Leading analysts anticipate a final crypto capitulation before a significant recovery drawing parallels between 2024 and 2016

Key Points:
– Altcoins have experienced a significant drop in the past 24 hours due to forced liquidations, outpacing Bitcoin.
– The mid-term outlook for cryptocurrencies remains bearish.
– The upcoming listing of spot Ether ETFs in the US is expected to boost sentiment for altcoins.
– The overall cryptocurrency market cap has decreased by 2.2% in the last day, reaching around $2.45 trillion during the New York session on Tuesday.
– A significant crypto correction has led to liquidations totaling almost half a billion dollars, triggered by Bitcoin falling below $65k again.
– Market analysts attribute the bearish sentiment to substantial outflows from US-based spot Bitcoin ETFs.
Is the Crypto Bull Run Ending?
Bitcoin has struggled to surpass $72k, potentially indicating a double-top for the 2021 cycle. Renowned trader Peter Brandt believes that Bitcoin’s price could be following a similar pattern to Gold’s post-2009 market crisis.
Brandt predicts that Bitcoin may drop to $60k before starting an upward trend in the upcoming quarters.
The #Total3 index has been correcting for several weeks, causing many altcoins to plummet. Previous cycles took 162 weeks to break the 2018 all-time high, suggesting that this current correction could end soon and lead to a significant recovery by Q4 of 2024.
A Bitcoinsensus analyst shares a similar perspective, forecasting a bullish outlook for altcoins in the final quarter of the year after a correction bottom is established in the near future.
What Comes Next?
Regulatory clarity in the US has paved the way for institutional investors to enter the web3 industry. The crypto market is eagerly awaiting a resolution between the US SEC and Ripple, as well as the introduction of approved spot Ether ETFs in the country.
These upcoming events are expected to drive a positive sentiment for altcoins overall.