Analysts Predict Altcoin Surge Amid Imminent Bitcoin Correction

By Aaron Feuerstein February 23, 2024 In Altcoins, Bitcoin, Cryptocurrency
  • Analyst Ali believes whale action as currently observed indicates a bullish sentiment for crypto.
  • Meanwhile Van de Poppe outlines points of correction and upswing plus rotation into altcoins.
  • RektCapital gives a Bitcoin halving and peak price prognosis to round off things.

While some altcoins have had a splendid few days (looking at you, JASMY), Bitcoin and major alts like Ethereum, XRP, Cardano, and Solana have been wobbling about in their respective price ranges—some even had Avalanche-style (pun intended) downwards-slides, like AVAX.

The Case for Whale Watching

So, what’s happening and where are we headed? Technical and on-chain analyst Ali (ali_charts) hypothesises in the latest post on X: “Are Bitcoin whales buying or selling?”

The trader says whale behaviour—not the kind you can observe off the Australian coast but those holding large amounts of crypto—is mixed right now. You guessed it: some are buying while some are taking profits.

But there is more; a trend of accumulation, says Ali, meaning those holding 1,000 to 100,000 Bitcoin (no small feat, mind you, that ranges from a meagre AUD $78.7m to whopping AUD $7.87bn).

Whales observed in their natural habitat, source: ali_charts/ Santiment/ X

Ali assures that this is a normal pattern during a bull market and just reflects the bullish outlook of these large bag holders. As we can see, buying started around the USD $29k (AUD $44k) mark and continued through USD $46k (AUD $70k) even increasing past that point. Ali is therefore confident despite minor setbacks which can be expected.

Top Analyst Explains Where Potential Targets Are – It’s No Pie in The Sky Stuff

Which is where analyst and trader Michaël van de Poppe steps in to explain his view of things to come.

The CEO & founder of MN Trading Consultancy predicts a rapid price correction for Bitcoin, expecting it to decrease to a range between $48k (AUD $73k) and $49k (AUD $74k), followed by a surge towards $54k (AUD $82k) to $58k (AUD $88k) for a final push before a broader market correction occurs.

Source: Michaël van de Poppe/ TradingView /X

This prediction includes a potential capital rotation from Bitcoin to altcoins, suggesting that investors might shift their focus and investments to alts, potentially driving up their prices as Bitcoin’s price stabilises or undergoes correction.

His analysis reflects an anticipation of significant price movement—so hang on to your hats as it’s going to get volatile and dynamic.

Final Thoughts

Trader and analyst RektCapital reminds us that the Bitcoin halving is near, just about due in a little under two months. Expect a peak 518-546 days after the halving, Rekt says, around about halfway through September or October 2025—and prepare yourself accordingly.

Source: RektCapital/ TradingView /X

Aaron Feuerstein

Aaron Feuerstein

Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.

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