{"id":602973,"date":"2024-04-12T19:00:19","date_gmt":"2024-04-12T19:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602973"},"modified":"2024-04-12T19:00:26","modified_gmt":"2024-04-12T19:00:26","slug":"traders-forecast-massive-rally-for-altcoins-but-why-is-sentiment-down","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/traders-forecast-massive-rally-for-altcoins-but-why-is-sentiment-down\/","title":{"rendered":"Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment \u201cDown\u201d?"},"content":{"rendered":"

Bitcoin\u2019s correction at the start of Q2 dragged down the Altcoins market, and a \u201cgloomy\u201d sentiment appears to surround investors despite Q1 2024<\/a> 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.<\/p>\n

Related Reading: Bitcoin To Go \u2018Ballistic\u2019 After Halving, Says Top Analyst \u2013 Here\u2019s Why<\/a><\/div>\n

Altcoins Next Stop: Altseason?<\/h2>\n

On Friday, some traders shared optimistic forecasts for altcoins. According to investor Crypto Jelle, the altcoin market cap chart \u201clooks primed to go on a massive rally in the coming months.\u201d<\/p>\n

The investor highlights<\/a> the similarities between the altcoin\u2019s performance during the previous bull runs. Per the chart, after 2018\u2019s all-time high (ATH) of $474.5 billion, the altcoin market consolidated under the resistance zone in \u201cpreparation\u201d for the next bull run.<\/p>\n

\"Altcoins,<\/p>\n

Altcoins market cap sitting at $1.15 trillion. Source: CryptoJelle on X<\/pre>\n
During the 2020-2021 bull market, altcoins\u2019 market cap broke out and consolidated around a new support zone before continuing its upward trajectory to its last ATH of $1.7 trillion.<\/p>\n
As the investor highlighted, altcoins\u2019 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 \u201cremind everyone what they\u2019re capable of.\u201d<\/p>\n
Another trader and analyst, Titan of Crypto, shared<\/a> a similar prediction to Jelle\u2019s. According to the analysts, he\u2019s seen crypto community members believing that \u201cthere\u2019ll never be another altseason.\u201d<\/p>\n
To those in doubt, the trader suggests they \u201czoom out\u201d to get a broader perspective on where the market is in the cycle. Per his chart, which excludes Ether (ETH), altcoins are at the \u201c2 bullish monthly candles followed by consolidation\u201d phase.<\/p>\n
\"altcoins,<\/p>\n
Run up prediction for altcoins, excluding ETH. Source: Titan Of Crypto on X.<\/pre>\n
The chart also suggests that the subsequent run-up could surpass the $1.13 trillion ATH and soar to a market cap of $3.25 trillion in the coming months. To the analyst, the \u201c#Altseason2024 is inevitable.\u201d<\/p>\n
Predictions Are Up, Why Is The Sentiment Down?<\/h2>\n
Across different platforms, the sentiment seems to lean towards \u201cnegative\u201d despite the optimistic forecasts<\/a>. Follis, content creator and founder of Chroma Trading shared his experience on X this Thursday.<\/p>\n
According to the post, \u201csentiment at the moment is some of the worst\u201d he\u2019s seen during his years in the crypto community. Moreover, he considers \u201cengagement is dead\u201d as \u201ceveryone is quiet\u201d across X, Discord, and Twitch.<\/p>\n
\n
Sentiment at the moment is some of the worst I've seen in my 3y in crypto<\/p>\n
Twitter, twitch, discord – everyone is quiet, engagement is dead$BTC<\/a> 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 &\u2026<\/p>\n
— \u30d5 \u30a9 \u30ea \u30b9 (@follis_) April 11, 2024<\/a><\/p><\/blockquote>\n