Everyone is waiting for the altcoin bull market, and BTC is trading below $64,650 at the time of writing. Due to the negativity in the king cryptocurrency for months, altcoins have been significantly worn out. During this period, we saw some altcoins fall to their 2023 prices or even lower levels. Today, some cryptocurrencies are again at levels close to their prices when BTC dropped to $53,500. So, when is the altcoin bull market?
When is the Altcoin Bull Market?
CryptoQuant’s founder Ki Young Ju is one of the most respected figures in the crypto space, especially regarding on-chain analysis. He is the founder and CEO of one of the largest on-chain analysis platforms. Although he expects a rise in the medium and long term, he has often mentioned the clarity of short-term risks in his statements.
A few hours ago, he shared his views on the altcoin bull market. He doesn’t do this often, and investors take his words seriously. In his post, he mentioned the “1-Year Cumulative Bid/Ask Volume Difference” metric, which measures the difference between buy and sell orders over a yearly period.
According to the CryptoQuant founder, whales have started to show more interest in limit orders to prevent price slippage. Ki Young says this indicates a new period of strong buy walls.
Some altcoins like Solana, Polygon (MATIC), Cardano, Cosmos (ATOM), PancakeSwap (CAKE), ALICE, Ampera (AMP), Ankr Protocol (ANKR), and Chilliz token (CHZ) are noteworthy at this point.
XRP, Chainlink (LINK), BNB, COMP, BNT, and AAVE, on the other hand, show a much weaker demand compared to the above altcoins.
According to all these, the time for the altcoin bull market may be running out. This confirms the predicted strong upward period for the end of the year. However, at the time of writing, a significant portion of altcoins is largely struggling.
Has the Altcoin Bull Market Arrived?
Crypto analyst Jamie Coutts says that according to the Top 200 Equal Weight Index data, we have reached the market bottom, and the altcoin rally is about to start. This index compares the price performance of the top 200 cryptocurrencies by market value with Bitcoin (BTC). Jamie seems confident at this point and believes that the end of sales has been reached.
The third analyst, known by the pseudonym Mags, is also popular and claims that the accumulation phase of altcoins is still ongoing. According to him, this accumulation phase is about to end, and a final pullback may be seen before the rise. After accumulation periods of over 500 days, altcoins are expected to start rallying.
