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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment “Down”?

Rubmar Garcia
Rubmar Garcia
1 year ago
3 mins read
altcoins, crypto

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Created by industry experts and meticulously reviewed
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Bitcoin’s correction at the start of Q2 dragged down the Altcoins market, and a “gloomy” sentiment appears to surround investors despite Q1 2024 registering one of the best performances for the crypto market. As prices recover momentum, traders and analysts suggest a brighter future might be around the corner.

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Bitcoin (BTC)

Bitcoin To Go ‘Ballistic’ After Halving, Says Top Analyst – Here’s Why

1 year ago

Altcoins Next Stop: Altseason?

On Friday, some traders shared optimistic forecasts for altcoins. According to investor Crypto Jelle, the altcoin market cap chart “looks primed to go on a massive rally in the coming months.”

The investor highlights the similarities between the altcoin’s performance during the previous bull runs. Per the chart, after 2018’s all-time high (ATH) of $474.5 billion, the altcoin market consolidated under the resistance zone in “preparation” for the next bull run.

Altcoins, crypto

Altcoins market cap sitting at $1.15 trillion. Source: CryptoJelle on X

During the 2020-2021 bull market, altcoins’ market cap broke out and consolidated around a new support zone before continuing its upward trajectory to its last ATH of $1.7 trillion.

As the investor highlighted, altcoins’ performance looks like that of the previous bull run. They are seemingly consolidating after a breakout from the resistance zone. If history were to repeat itself, then altcoins could “remind everyone what they’re capable of.”

Another trader and analyst, Titan of Crypto, shared a similar prediction to Jelle’s. According to the analysts, he’s seen crypto community members believing that “there’ll never be another altseason.”

To those in doubt, the trader suggests they “zoom out” to get a broader perspective on where the market is in the cycle. Per his chart, which excludes Ether (ETH), altcoins are at the “2 bullish monthly candles followed by consolidation” phase.

altcoins, crypto

Run up prediction for altcoins, excluding ETH. Source: Titan Of Crypto on X.

The chart also suggests that the subsequent run-up could surpass the $1.13 trillion ATH and soar to a market cap of $3.25 trillion in the coming months. To the analyst, the “#Altseason2024 is inevitable.”

Predictions Are Up, Why Is The Sentiment Down?

Across different platforms, the sentiment seems to lean towards “negative” despite the optimistic forecasts. Follis, content creator and founder of Chroma Trading shared his experience on X this Thursday.

According to the post, “sentiment at the moment is some of the worst” he’s seen during his years in the crypto community. Moreover, he considers “engagement is dead” as “everyone is quiet” across X, Discord, and Twitch.

Sentiment at the moment is some of the worst I've seen in my 3y in crypto

Twitter, twitch, discord – everyone is quiet, engagement is dead$BTC only -6% from ath but lots of alts down -40% or more. No real bid to be found for a month or more, except on random rotations &…

— フ ォ リ ス (@follis_) April 11, 2024

The post opened a discussion as to what could be the reason. Follis suggested a combination of “over-leveraged top longers” and “traders who expected price to go up indefinitely.”

Another user weighed in, suggesting traders lost significant money buying high and selling low on Solana and Base memecoins.

Top crypto trader Ansem joined the discussion, disagreeing with the “depressing” take on the current market. The trader pointed out that BTC was at $70,000 and ETH at $3,500 at the time of his post. These prices represent a 129.8% and 82.5% increase in the past year.

Similarly, he highlighted the performance of SOL compared to the bear market bottom and the remarkable performance of memecoins in the past six months. Many users agreed that drawdowns are usual during market cycles and ultimately suggested looking at the bigger picture.

Related Reading

crypto top altcoins 2024

Crypto Analyst Unveils Top Altcoins For Biggest Returns This Cycle

1 year ago

Altcoins, market cap

Altcoins market cap is at $1.15 trillion. Source: TOTAL2 on Tradingview
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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