Time To Buy Your Favorite Altcoins
This might be the most important TA I did for this year.
I firmly believe that altcoins have been consistently undervalued in comparison to
BTCUSDT
and $BINANCE:ETHUSDT. As evidenced by the recent data from early June, altcoin dominance plummeted to ~8%, finding support at the bottom of a falling wedge pattern. At that time, I identified it as an excellent opportunity for accumulating altcoins, a phase which I believe we are currently concluding.
Looking ahead to the next two weeks, I am optimistic about witnessing a breakout from the wedge pattern, initiating a new upward trend for altcoins. It's worth noting that the apex of this wedge occurred approximately 550 days ago, back in January 2022. With the assumption that Bitcoin has already reached its bottom and a new cycle has commenced, we still have considerable time until a new all-time high is established, which I anticipate to be roughly two years, leading from 30k to 60k.
At the same time, altcoins have yet to make significant gains. Achieving a 2x increase for a normal altcoin is not an extraordinary feat at this stage. What adds further intrigue is when we consider the previous cycle's duration (~1460 days, the length of a typical 4-year cycle). About 1400 days ago, during the summer of 2019, altcoin dominance began to rise. Just like then, Bitcoin took the lead as the first mover. And if history repeats itself, we will get the second and best entry point into altcoins when Bitcoin tries to update the price high near 69k, akin to what we observed in December 2020. Meanwhile, in between these periods, engaging in speculative activities with altcoins seems wise to accumulate additional sats before Bitcoin embarks on its wild post-halving rally.
Personally, I find achieving a 2x increase in sats to be a reasonable and achievable goal, but I remain open to surpassing that outcome if possible. Even if Bitcoin experiences a temporary dip, potentially dropping to 25k or lower (20k hehe), altcoins are likely to hold their value, and some may even outperform Bitcoin.
I must acknowledge the inherent uncertainty in timing, as each market cycle possesses its unique characteristics. Nevertheless, purchasing altcoins in the summer of 2023 remains an excellent strategy for long-term investors. My bags are nearly full, and I am happy with my execution. In the event that Bitcoin does dip to 25k or below, I am prepared with free funds to take advantage of buying opportunities. I wish you good luck and profitable results in your endeavors.
I firmly believe that altcoins have been consistently undervalued in comparison to
BTCUSDT
and $BINANCE:ETHUSDT. As evidenced by the recent data from early June, altcoin dominance plummeted to ~8%, finding support at the bottom of a falling wedge pattern. At that time, I identified it as an excellent opportunity for accumulating altcoins, a phase which I believe we are currently concluding. Looking ahead to the next two weeks, I am optimistic about witnessing a breakout from the wedge pattern, initiating a new upward trend for altcoins. It's worth noting that the apex of this wedge occurred approximately 550 days ago, back in January 2022. With the assumption that Bitcoin has already reached its bottom and a new cycle has commenced, we still have considerable time until a new all-time high is established, which I anticipate to be roughly two years, leading from 30k to 60k.
At the same time, altcoins have yet to make significant gains. Achieving a 2x increase for a normal altcoin is not an extraordinary feat at this stage. What adds further intrigue is when we consider the previous cycle's duration (~1460 days, the length of a typical 4-year cycle). About 1400 days ago, during the summer of 2019, altcoin dominance began to rise. Just like then, Bitcoin took the lead as the first mover. And if history repeats itself, we will get the second and best entry point into altcoins when Bitcoin tries to update the price high near 69k, akin to what we observed in December 2020. Meanwhile, in between these periods, engaging in speculative activities with altcoins seems wise to accumulate additional sats before Bitcoin embarks on its wild post-halving rally.
Personally, I find achieving a 2x increase in sats to be a reasonable and achievable goal, but I remain open to surpassing that outcome if possible. Even if Bitcoin experiences a temporary dip, potentially dropping to 25k or lower (20k hehe), altcoins are likely to hold their value, and some may even outperform Bitcoin.
I must acknowledge the inherent uncertainty in timing, as each market cycle possesses its unique characteristics. Nevertheless, purchasing altcoins in the summer of 2023 remains an excellent strategy for long-term investors. My bags are nearly full, and I am happy with my execution. In the event that Bitcoin does dip to 25k or below, I am prepared with free funds to take advantage of buying opportunities. I wish you good luck and profitable results in your endeavors.
