As the price of Bitcoin (BTC) is showing a sharp fall in valuation indicating a pessimistic attitude towards the crypto asset, market bulls are optimistic that the market will soon enter the second phase. Season for Altcoins.
Altcoins are showing a huge buying opportunity
Bitcoin’s recent decline signaled the beginning of a bearish trend in the cryptocurrency market, leading to many altcoins to reduce significantly. However, many cryptocurrency analysts believe that the decline in these altcoin prices could serve as a future profit opportunity as the alt-season is on the horizon.
It is owned by popular cryptocurrency expert and trader Michael Van de Poppe revealed His optimism in the altcoin market highlights significant opportunities to access these tokens before the alt-season begins.
According to Michael van de Poppe, “some altcoins are now down more than 40%” from their past all-time highs. As a result, Poppe believes now is the right time for investors to buy these digital assets to position themselves for future gains.
Poppe noted that he typically invests in these tokens “during bull cycles when they are 25% to 60% less expensive.” This shows the confidence of crypto experts in the asset that the rally will increase in the coming months.
Pointing to the huge opportunities in the market, Poppe has highlighted Arbitrum (ARB) One of the altcoins investors should keep an eye on. He believes that ARB can make significant gains in time, as the token is down and ready for a new leg UP.
Recently, crypto asset prices have made significant progress, indicating momentum for an upward move. As of the time of writing, ARB was trading at $1.70, representing a gain of over 10% on the daily timeframe.
However, in weekly and monthly timeframes, ARB is down by 22% and 15% respectively. Meanwhile, Arbitrum’s market capitalization has grown by roughly 10% to cross the $4.5 billion threshold.
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Santiment also has an on-chain analytics platform highlighted A fall in altcoins as a shot to profit in the coming months. Santiment points to a number of altcoins that offer the following “potential bullish opportunities”. Bitcoin crash Today at a two-week low of $61,700.
Some of the tokens listed by Santiment are BOUNCE, LDO, OMG, STORJ and SNX. The MVRV Opportunity and Danger Zone model, according to Santiment, shows that many altcoins are now in the “opportunity zone” with reduced mid-term trading returns. However, when an asset’s 30-day, 90-day and 365-day average wallet returns turn negative, “the sector is breached.”
Even with the recent general correction, the altcoins market seems to be moving towards a favorable long-term picture. As a result, this is a great opportunity for investors to buy this digital asset at a low cost.
Featured image from Shutterstock, chart from Tradingview.com
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