Originally published on: December 11, 2024
Venture capital expert Felix Hartmann predicts a continued downtrend for the majority of altcoins until the end of January 2025. While some alts may show brief spikes, most are likely to experience a slow bleed or consolidation phase for the next 2-6 weeks. Hartmann advises against chasing alts for quick gains, noting that many have already peaked after rapid price surges.
With the overall altcoin market on a downward trend, over $481.6 million in long positions were liquidated in the last 24 hours, according to CoinGlass. Pseudonymous trader Mister Crypto suggests that this recent shakeout may be a precursor to significant breakout opportunities in the near future.
Among the top 100 cryptocurrencies, notable losers include Ethena (ENA), PepePEPE, and BonkBONK, all experiencing double-digit declines, as reported by CoinMarketCap. Meanwhile, Bitcoin (BTC) continues to trade below $100,000, currently sitting at $96,663. Despite recent setbacks, Hartmann sees Bitcoin retesting the $99,000 level soon, driven by potential short squeezes.
Crypto enthusiasts await the next moves in the market, with significant liquidity building up for Bitcoin. As positive sentiment grows, there is a possibility of short positions worth billions being at risk of liquidation. The coming weeks could bring volatility and exciting opportunities for traders, as observed by industry experts.
While past trends provide some insight into potential price movements, market conditions can shift rapidly. It’s essential for investors to conduct thorough research and exercise caution when making financial decisions. Stay informed and prepared for the next chapter in the crypto market’s evolution.
