As a researcher with a background in financial market analysis, I’ve closely followed the cryptocurrency market for several years now. Based on my observations and experience, the current market conditions seem strikingly similar to those leading up to the altcoin capitulation in June 2019. With the United States Federal Reserve’s rate decision scheduled for June 12, there is a strong possibility that we might see another wave of selling pressure on altcoins, potentially marking the end of this current market cycle.
As a researcher looking back at the previous market cycle, I’ve observed that altcoin and Bitcoin pair prices experienced significant declines around June 2019. This downturn occurred right before the US Federal Reserve implemented their interest rate cuts.
If historical trends repeat themselves, the current chart pattern for this cycle could indicate that a significant sell-off of altcoins is approaching before the Federal Reserve’s interest rate decision on June 12.
As a researcher studying financial markets, I’ve observed a noteworthy downturn in both cryptocurrencies and stocks towards the end of last week. This shift could be linked to the release of the U.S jobs report. If the labor market data indicates robust growth, it might signal to the Federal Reserve that they can hold off on raising interest rates for now.
In June 2019, the #ALT/#BTC cryptocurrency pair prices dropped down to their lowest levels right before the Federal Reserve reduced interest rates.
We find ourselves at a similar spot in June 2024.
— Benjamin Cowen (@intocryptoverse) June 8, 2024
Altseason Soon … Or Not?
As a researcher studying the cryptocurrency market, I’ve noticed that some analysts continue to anticipate an “altseason” is imminent. On June 8th, crypto analyst ‘Moustache’ drew parallels between the current market cycle and the last one, pointing out the structural similarities and suggesting that history may not exactly repeat itself, but it does share certain patterns or rhymes.
#Altcoins 2020/2021 vs. #Altcoins 2023/2024
History Does Not Repeat Itself, But It Rhymes.
Send this whole market up.
— ⓗ (@el_crypto_prof) June 8, 2024
Michael van de Poppe, co-founder of MN Trading, expressed his views on the recent market correction in a post dated June 8th on X. He expressed optimism for an impending bullish breakout within the ensuing week and remained confidently invested in altcoins.
As a researcher observing social media trends in the cryptocurrency market, I’ve noticed an intriguing development. On June 8, a prominent figure in the crypto community known as “Mister Crypto” shared his insights with his 120,000 followers. He expressed his belief that the Bitcoin season might have reached its bottom and hinted at the potential start of altseason.
According to industry analyst Viktor, the current chart on X is reminiscent of both the October 2023 and the 2nd April crash, as we find ourselves in a similar position.
#Bitcoin Season looks bottomed out.
Altseason will start here.
— Mister Crypto (@misterrcrypto) June 8, 2024
One way to rephrase this statement in a clear and natural manner is: The bitcoin market’s current dominance at 55.2%, which has risen by nearly 8% so far in 2023 (as of TradingView data), is a significant sign that an altcoin rally may be imminent.
Bitco’s dominance over the cryptocurrency market must fall below 50% for altcoins to potentially experience a surge in value, which isn’t imminent at present.
Altcoins Remain Bearish
Several investors have kept a close watch on Ethereum as it often spearheads rallies among altcoins. Nevertheless, ETH experienced a setback recently, dipping by 3.3% over the last week and reaching a price of $3,680 during early trading on June 9.
At present, altcoins are experiencing significant downturns. Over the weekend, the market has been flooded with red figures, indicating losses. Among them, Toncoin (TON), Shiba Inu (SHIB), and Near Protocol (NEAR) have suffered heavier setbacks.
Should the Federal Reserve keep interest rates around 5.25% to 5.50% in their upcoming meeting, cryptocurrency markets, with a focus on altcoins, may experience heightened volatility and potential suffering before achieving significant growth.
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2024-06-10 07:25