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Crypto analyst Ansem predicts a sideways summer for Bitcoin and Solana, with potential opportunities arising in the altcoin market.
The analyst’s insights, shared on X (formerly Twitter), highlight the diverse movements of different cryptocurrencies and the importance of identifying strong narratives for potential outperformance.
this may be helpful for people to see different altcoin charts & where we are currently at
— Ansem 🧸💵 (@blknoiz06) June 18, 2024
charts like 1) 2) $BTC $SOL – have not broken beneath March lows, can still make argument for sideways consolidation before next leg up
3) $AVAX (most alts) breaking down beneath March… https://t.co/AwFwzg6cip pic.twitter.com/EtV4A1YToV
Ansem said that Bitcoin and Solana (SOL) have not broken below the highs seen in March, which suggests the possibility of “sideways consolidation before the next leg up,” while Avalanche (AVAX) and other altcoins have broken down below the March highs after being stuck in a range for three months.
On the other hand, older altcoins like Aave (AAVE) did not witness an uptrend this cycle and are still “stuck in old ranges from the bear market.” Meanwhile, the leading meme tokens like Pepe (PEPE) and Dogecoin (DOGE) have shown movements similar to Bitcoin and Solana, while newer tokens like TIA, ALTLAYER, DYM have charts similar to AVAX.
Ansem stated that it is important for investors to focus on strong narratives and choose the right altcoins that would outperform the broader crypto market from this point on, adding:
“Many alts topped in March and have already been in a downtrend, you can definitely make an argument that they have already experienced most of their downside & now people are just realizing late.”
The analyst predicts that BTC and SOL will continue to witness sideways movement and downward action until late Q3/Q4, suggesting a bearish summer. Additionally, he also highlighted the possibility of BTC and SOL seeing “ugly capitulation,” resulting in bottoms around the $85-$100 price levels for SOL and $48k-$52k for BTC.
Interestingly, Ansem is not a firm believer in the theory that the market has already topped, adding that the more likely scenario “is just extended sideways while we see more app development happen across the board in the space with $BTC + $ETH ETF flows continuing & we just passively trend up alongside stocks.”
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