Bitcoin has entered the red zone, showing no signs of an upward recovery soon. Most of the top 10 coins are also trading in the red, and discussions about an altcoin rally or season have diminished due to the negative sentiment.
However, Crypto Crusader explained that the biggest altcoin season in crypto history is developing behind the scenes, despite very low retail sentiment. He compared the 2018 and 2022 “dead cat bounces” and noted the current price action on the TOTAL3 index. In late November to early December, altcoins began to range before making a significant upward move. In 2020, altcoin sentiment was very poor, with many in the retail sector believing the altseason was over.
He wrote, “We have been ranging longer, which is expecting with a much higher market valuation. This next move will take us past the previous all time high on the altcoin market and Bitcoin will be at $100K+ most likely.”
The market has been ranging longer this time due to a higher overall valuation. The next move is expected to surpass the previous all-time high for altcoins, with Bitcoin likely reaching over $100K. For those feeling bearish, the analyst suggests zooming out to understand the current cyclical position, indicating that the exciting part is just about to start.
Regarding Bitcoin, the analyst offered a straightforward perspective. He believes Bitcoin will maintain its uptrend, though it might dip to the $60,185 level. The key focus for the week is the weekly candle close, which he is closely monitoring. He feels that Bitcoin is either near its bottom or has already reached it.
Credible Crypto also opened up about the sentiment around meme coins and said, “I think certain meme majors will recover and go on to make new all time highs once this larger correction is complete and after BTC tops out. Not all memes will but that goes without saying. The issue is because most of these memes don’t have any fundamentals behind them their success is solely dependent on attracting new money and attention. If they fail to do this they are dead in the water.”
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