Crypto Markets May Incur Significantly Further Downside in Near-Term 15

Crypto Markets May Incur Significantly Further Downside in Near-Term

Bitcoin and the aggregated crypto markets have remained trendless over the past several days and weeks, with BTC trading sideways within the lower-$8,000 region while altcoins have incurred mixed trends, with some surging higher while others have faltered as of late.

This bout of trendless trading may soon come to an end, however, as multiple prominent analysts believe that most major altcoins will grind lower in the mid-term, with only Bitcoin and a handful of major cryptos having the potential to buck this trend and climb higher.

Bitcoin May Climb Higher, But Other Cryptos are Likely to Plummet Lower, Claims Analysts

At the time of writing, Bitcoin is trading down nominally at its current price of $8,250, and it has been inching lower ever since it visited $8,400 overnight, which is where it found notable resistance that sparked what appears to be a short-term downtrend.

This halted the upwards momentum that multiple major cryptos had incurred over the past several days, as XRP, Ethereum, and others have not been able to extend their recent uptrends today, which could be due to Bitcoin’s inability to break above $8,400.

Although Bitcoin’s prospect in the coming few months remains positive, and many analysts anticipate significantly further gains in the coming months and years, analysts are noting that altcoins could plummet lower in the near-term.

Alex Krüger, a popular cryptocurrency analyst on Twitter, spoke about this in a recent tweet, explaining that most altcoins will drop another 50%-99%, as many currently have unwarranted market caps.

“Most altcoins should eventually drop another 50%-99%. Markets can stay irrational/mispriced for a long time … but not forever,” he noted.

DonAlt, another popular cryptocurrency analyst, corroborated Krüger’s sentiment in a recent tweet, telling his over 120k followers that he can’t be bullish on the aggregated crypto markets as long as major cryptos – like Litecoin and Bitcoin Cash – express blatantly bearish signs.

“Some of the majors, especially $LTC, and $BCH look like absolute ass. Can’t be too bullish on the entire altcoin market as long as that is the case. If $XRP’s Swell conference is the only thing pulling up alts I doubt this move will be a sustained one,” he explained.

It remains unclear as to whether or not Ripple’s upcoming Swell conference will have an impact on XRP and the aggregated market, but regardless analysts do believe that it is likely that there will be a further purging of the market that sends many altcoins plummeting lower.