Andrew Kang Believes Altcoins Have Reached Market Cycle Peak, Bitcoin in Transition Phase
Mechanism Capital founder Andrew Kang believes that almost all altcoins have reached the top of their market cycle, while Bitcoin is in the midst of a transition, according to a recent X post by Kang.
Kang highlighted the importance of recognizing market inflection points, noting that corrections from major market structure breaks can be deeper and longer than expected. He advised investors to buy Bitcoin and altcoins for the next cycle when sentiment is bearish across the board.
In response to a user questioning whether there was any point in buying tokens soon, Kang suggested that 98% of altcoins have already peaked in the market cycle. He hinted that only a few coins may reach new highs by late 2024 or early 2025.
Meanwhile, the anticipation of the SEC approving spot Ethereum ETF trading has sparked optimism in the market. Analysts believe that if the SEC gives the green light within the next two weeks, Ethereum could see a significant price surge. Currently trading at $2,998.67, ETH is expected to climb to $3,800 and beyond in the short term.
Kang also noted that Bitcoin is in a transition phase to becoming a “supercyclish asset,” but the direction it will take remains uncertain.
Overall, Kang’s insights provide valuable guidance for investors navigating the volatile cryptocurrency market. Stay tuned for more updates on market trends and price movements.
