- Cody Buffington predicts altcoin surge based on on-chain metrics and market patterns.
- Bitcoin’s fall to $60,000 tests investor confidence, may influence future markets.
- Experts foresee final altcoin slump before a significant market resurgence.
Even with the recent downturn in Bitcoin’s
Buffington observed Bitcoin’s drop toward the $60,000 mark in the final week of June, as it seems poised to revisit its early May support levels. Buffington suggests that the ongoing decline in Bitcoin’s value is a test of investor confidence, with BTC’s price movements near this critical support level likely to set the tone for future market movements.
At the same time, Buffington highlighted Bitcoin’s recent downward trajectory, remarking on its fall beneath several key moving averages. This has led to a temporary lull in demand for BTC, with major Bitcoin holders reducing their trading activities shortly before the cryptocurrency’s value fell beneath the $63,000 threshold. Buffington referenced a statement by CryptoQuant CEO Ki Young Ju, who commented on this trend.
“Whale traders on derivatives are in risk-off mode.”
Proceeding with his talk, Buffington emphasized the observations made by Santiment regarding the recent events affecting Bitcoin. The cryptocurrency analytics firm observed a trend of fear or lack of interest among the public in Bitcoin when its price hovered between $66,000 and $65,000. Santiment pointed out that such prolonged periods of fear, uncertainty, and doubt (FUD) are uncommon but also mentioned that a combination of trader exhaustion and significant buying by large investors, or whales, could trigger significant price recoveries.
Turning his attention to other cryptocurrencies, Buffington pointed out the persistent slump in the altcoin sector. Nonetheless, he mentioned that experts believe this could represent the final downturn before a resurgence of investment in the altcoin space. He referenced Michael van de Poppe’s forecast, which suggests that the altcoin market is undergoing its last weeks of decline, with an expected turnaround on the horizon.
In line with expectations, Buffington drew attention to a post by Poppe, noting that historical data shows that following a market downturn, certain altcoins have experienced surges ranging from 300% to 650%.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
