Altcoin Rally on Hold: Analyst Warns Against Rushing In
A crypto market analyst is cautioning investors against rushing into altcoins, suggesting that they may still have time to accumulate positions before the next major rally begins.
The analyst notes that Bitcoin has been trading around $63,000, fluctuating between $62,000 and $65,000, while hovering near its 200-week moving average at $63,500.
Historical data suggests that altcoins often spend months consolidating before their strongest gains arrive. In the 2022 bear market, Bitcoin bottomed near $15,500 in November, while most altcoins reached their lows a month later in December.
However, what followed was even more important. Altcoins spent nearly 10 months moving sideways before finally breaking higher around October 2023. During that same recovery period, Bitcoin gained roughly 70% from its bear market bottom before altcoins began their strongest rally.