
As Bitcoin (BTC) continues to stir significant concern in the market with its ongoing bearish trend, what does the future hold for altcoins? Is there a glimmer of hope, or are we on the brink of a market-wide collapse?
For altcoin investors, the current downturn in the crypto market is undoubtedly alarming and tough to endure. Should one sell now and wait for a clearer bottom, or is a recovery just around the corner?
Could Total3 be on its way to reaching $800 billion?
Source: TradingView
The Total3 chart, which monitors the combined market cap of all cryptocurrencies minus $BTC and $ETH, shows a recent dip below the 0.382 Fibonacci level. There's a possibility that it might descend further to the 0.618 Fibonacci, aligning with the top of the bull flag that peaked at the end of March 2024.
Will Bitcoin Dominance halt at 58% or surge beyond 62%?
Source: TradingView
The Bitcoin Dominance chart (BTC.D) presents a puzzle. What seemed like a definitive fall beneath the ascending channel rebounded, pushing back within it. However, a trendline might be forming that could prevent dominance from surpassing the 58% mark. Should it break through this trendline and overcome horizontal resistance, dominance could rise to the channel's top, exceeding 62%.
Embracing Conviction During Market Turbulence
With the crypto market facing such bearish conditions, it's challenging for the average investor to resist the urge to sell and exit the market indefinitely.
Nevertheless, markets require resilience and conviction. Those lacking these traits often find themselves overwhelmed by market forces.
This bull market is behaving differently than previous ones. The days of altcoins making outrageous gains on flimsy grounds may be behind us.
Yet, certain altcoins could thrive amid the significant changes in the financial sector and other industries. It's crucial to conduct thorough research on these altcoins' fundamentals and have the conviction to hold through tough periods.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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