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February 27, 2024
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Altcoin Market Awaits Breakout: Is It Right Time To Buy Altcoins?

The post Altcoin Market Awaits Breakout: Is It Right Time To Buy Altcoins? appeared first on Coinpedia Fintech News

In recent weeks, the altcoin market has faced challenges in capitalizing on Bitcoin’s shortcomings, leading to disappointment among many investors. However, there have been some notable outliers during this period, with Shiba Inu (SHIB) standing out by rallying over 20% in the first week of August. On the other hand, the highly anticipated Litecoin halving, though hyped, resulted in an 11% correction, dampening the spirits of bullish traders.

As a result, uncertainty looms over the short-term prospects of many altcoins, as they seem to be consolidating horizontally.

Why Accumulate Altcoins Now?

Amidst the apparent stagnation, a glimmer of hope shines through the influential figure of Michaël van de Poppe, a prominent crypto analyst and influencer.

In a recent YouTube video, Poppe shared his conviction that the current consolidation phase is merely a precursor to an impending surprise rally. He believes that the prevailing market conditions, which have frustrated and disheartened many traders, are laying the groundwork for a significant upturn. His vision involves a potential surge that could drive the overall crypto market cap to around $1.75 trillion, homing in on a crucial supply and demand zone.

At the heart of Poppe’s argument lies the anticipation that altcoins will spearhead this rally, asserting their dominance while Bitcoin’s hold wavers in the short term. Notably, Bitcoin’s grip on the weekly timeframe seems to be weakening, approaching a pivotal resistance level based on historical data. This development raises the possibility of Bitcoin undergoing a direct price capitulation.

Read More: Expert Says Altcoins Are About to Crash Big Time Before it Gets Good

Good News – Institutional Interest is Growing!

One of the intriguing catalysts fueling this anticipated turnaround is the growing interest of institutional investors, particularly led by heavyweight player BlackRock. These entities are increasingly immersing themselves in the crypto market to counter escalating global inflation amid rising interest rates. This surge in institutional interest could be a game-changer for the altcoin market, propelling it to new heights.

Poppe’s insights and observations present a compelling case for investors to remain optimistic in the face of market uncertainty. While altcoins may have struggled in recent times, the potential for a surprise rally combined with the growing institutional interest paints a promising picture for the future of the crypto market.

Related: Will Coinbase Delist Cardano (ADA) and Other 13 Altcoins? CEO Weighs In

However, don’t forget: exercise caution and conduct your research!

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