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July 24, 2024
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Top Altcoins to Watch as Bitcoin Price Signals Short-term Weaknesses

The post Top Altcoins to Watch as Bitcoin Price Signals Short-term Weaknesses appeared first on Coinpedia Fintech News

The cryptocurrency market has remained relatively unchanged in the past few days, signaling a calm before the storm. With the fourth Bitcoin (BTC) halving about 25 days from now, more cash inflows have been recorded in the past two months. 

However, the latest weekly report from CoinShares shows that cash inflows to crypto investment products have dramatically declined. Notably, last week marked the end of a seven-week cycle of cash inflow as investors withdrew about $942 million from crypto investment products.

Bitcoin Bulls Take a Breather

After reaching a new all-time high (ATH) of around $74k, Bitcoin price has struggled to rally beyond this psychological resistance level in the past few days. Although the flagship coin has already confirmed the macro bull cycle, popular crypto analyst Michaël van de Poppe believes a further consolidation before continuing with the bullish trend is inevitable. 

In the short term, Poppe expects Bitcoin price to reach a new high of between $75k and $80k before the upcoming halving and continue with the midterm correction.

Altseason Ahead

As Bitcoin price consolidated in the coming weeks, Poppe highlighted that the altcoin industry will shine amid the ongoing crypto cash rotation.

Some top altcoins to pay close attention to include those in the layer one (L1) sector, AI-focused crypto projects, the DeFi sector focused on real-world asset (RWA) tokenization, and layer zero projects. 

Specifically, altcoins with greater bullish potential include Chainlink (LINK), UBXS (UBXS), Polkadot (DOT), Cosmos Hub (ATOM), and Ethereum (ETH).

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