Coin Edition -
- The altcoin market cap may reach $440 billion in 2024 but first, there has to be a plunge.
- The AO and MFI with the ETH/USD chart showed increasing bearish momentum.
- Another analyst predicted that ETH could go as low as $870 before any other hike.
The much-anticipated altcoin season may not happen again as 2023 nears its end. This was the opinion of pseudonymous trader Altstreet Bets. According to him, many altcoins may lose as much as 20% to 30% of their current value before the year runs to a close.
No Altcoin Season This Year?
For the unaccustomed, an altcoin season is a period where many altcoins outperformed Bitcoin (BTC). While this period comes with a lot of volatility, profits are not guaranteed. Previously, a number of analysts had opined that there would be an altcoin season this year. But with the last quarter in, it’s looking very unlikely.
However, Altstreet Bets also mentioned that the possible plunge in price does not mean that altcoins won’t perform well anymore. But their season to put up an impressive performance could be in 2023.
Altcoins will dump in coming weeks, but what follows from there is big alt season. 2024 will be life changing. pic.twitter.com/ehl3Cvqi9w— ᴀʟᴛꜱᴛʀᴇᴇᴛ ʙᴇᴛꜱ (@AltstreetBet) October 9, 2023
From the chart AltStreet Bets, shared, the total market cap of altcoins could reach $440 billion in 2024. For the projection to be achievable, there has to be an average 4x increase in altcoin prices.
Meanwhile, leading altcoins like Ethereum (ETH) and Solana (SOL) have had to deal with minor retracements in the last seven days. According to CoinMarketCap, SOL lost 6.09% of its value in the last seven days while trading at $22.39. ETH, on the other hand, exchanged hands at $1,592, after the Ethereum Foundation sold some coins lately.
ETH to $1,400 First
According to the ETH/USD 4-hour chart, bulls were attempting to revive the price back to $1,600 levels. It is noteworthy to mention that ETH dropped from $1,637 moments after the Ethereum foundation sale.
Since then, the altcoin has not been able to reclaim the $1,600 region. For ETH to rise to such levels, the Money Flow Index (MFI) has to be much more than it was at press time. At the time of writing, the MFI was 26.85.
Although the indicator was very low, the slight increase means that it was exiting its oversold status and trying to sustain a good buying momentum. However, this can only happen if the buying pressure increases and the MFI moves towards 50.00. At the time of writing, an increase looked unlikely.
Should the MFI be pegged back, the ETH may fall into the $1,400 region. The Awesome Oscillator (AO) indicated that ETH may experience another decline as the indicator was deep in the negative zone.
ETH/USD 4-Hour Chart (Source: TradingView)
In a related development, another trader Crypto Tony disclosed his targets for ETH over the next few months. According to Tony, ETH may lose much more than 20% of its value, and drop toward $870.
#Ethereum / $ETH targets over the next few months while we hold $1,750. Very important to have an invalidation point on trades and $1,750 is mine. As you know i am short as of a couple of days ago tooSo targets as follows over next few months