Market expert Ash Crypto has recently offered insights in a social media post on X (formerly Twitter), into the current state of altcoins, suggesting that they are undergoing a “mid-cycle correction.” According to Ash Crypto, this phase is a natural part of the bull market cycle and may set the stage for a recovery of previously lost value and potentially even higher gains for these digital assets. Related Reading: Chainlink Weekly Chart Looks Promising – If Bulls Reclaim $30 ATH Are Next’ In his social media post, the expert highlighted historical precedents, noting that similar price actions were seen in January 2021, just before the onset of an altcoin season that captivated investors.
Market Whales May Shake Out Retail Investors In his analysis, Ash Crypto projected that altcoins could experience one final market correction before entering what he believes will be a full bull mode later this year. The expert referenced a chart he shared, depicting the total market capitalization of altcoins excluding Bitcoin and Ethereum, which showed potential consolidation between the $926 billion and $930 billion levels. This consolidation phase could precede a move towards a bullish cycle peak, estimated to reach as high as $3.39 trillion.
As the cryptocurrency market grapples with a broader decline, altcoins have faced significant challenges, with Ethereum (ETH) leading the way with losses nearing 20%. This drop comes after Ethereum’s repeated failures to break through the crucial resistance level of $4,000, a barrier that has proven formidable in recent months also preventing the cryptocurrency to reach new record levels as Bitcoin (BTC) did to close 2024.
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