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According to analysts, the altcoin market, excluding the top 10 cryptocurrencies, is poised for a significant increase. The market value could even reach $425 billion. This optimism is fueled by the recent rise of bitcoin, which has reached a new all-time high. As a result, some analysts expect that this could give the altcoins a boost. Also read our article about the best altcoins of the moment.
Cryptocurrency expert and trader Rekt Capital has shared an encouraging forecast for the market value of altcoins. He emphasizes the market’s resilience and growth potential in the coming months. According to his analysis, the altcoin seasonal index is showing signs of progress, suggesting that the altseason is coming.
Red circled area rejected Altcoin Market back into the blue circled retesting zone ✅
Since then, Altcoin Market Cap has recovered, broken beyond the red $315bn resistance and turned it recently into new support
Next: light blue circle, over time#BTC #Crypto #Bitcoin https://t.co/CkC2P1Y7zq pic.twitter.com/3Q0CtIOTVc
— Rekt Capital (@rektcapital) March 14, 2024
Sam Bankman-Fried, the founder of the once successful crypto exchange FTX, faces a possible prison sentence of 50 years. His November conviction by a Manhattan federal court jury for orchestrating one of the “largest financial frauds in American history” is a stunning downfall. Not only has SBF caused people to be robbed of more than billions in total, the demise of FTX has also caused a major correction within crypto. Now it seems that he may disappear behind bars for longer than expected.
The bitcoin price has taken a remarkable turn, with a sudden drop of more than 10% in a short time. This move marks a significant departure from the pattern we have observed over the past two months and places us at a critical crossroads. The crucial question now before us: will there be a quick recovery or should we prepare for a further decline?
This update dives deep into the nuances of the current market situation, using the 1-hour chart to analyze the underlying tensions and critical developments. We discuss why it is wise to also take less optimistic scenarios into account. The emphasis is on caution in the coming days; an approach that seems not only sensible, but also necessary.
Source: https://bitcoinmagazine.nl/nieuws/goedemorgen-bitcoin-bitcoin-op-cruciaal-kruispunt-rond-69-000
