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Andrew Kang, the founder of Mechanism Capital, said practically all alternative cryptocurrencies have reached the peak of their respective market cycles. As an alternative, he stated that Bitcoin (BTC) is currently in the midst of a transformation in the midst of the most recent price bombardment.
Inflection Point in the Bitcoin Market Identified by Andrew Kang
An prior comment that Kang made roughly a week ago, in which he cited the performance of the cryptocurrency market, was highlighted by Kang in one of his most recent postings on X.
Bitcoin, according to the researcher, has been the driving force behind the cryptocurrency market reaching a turning point. This occurs after extended periods of time during which purchasing and selling activities become ingrained and are consistently rewarded. Within the piece, he brought attention to a mistake that is frequently made in the cryptocurrency industry. When the trend has inflected from top to bottom, this involves purchasing crypto assets at an earlier stage than is appropriate.
From Kang's point of view, corrections that result from significant market structure disruptions tend to be far more profound and prolonged than is typically anticipated. Rather than purchasing Bitcoin and alternative cryptocurrencies when only a few individuals are experiencing a bearish feeling, he recommends that investors and traders wait until the following cycle, when every other person is liquidated, to make their purchases.
A member on X responded to Kang's article by stating that his statements imply that the cycle that is now occurring has come to an end. In addition to that, he inquired as to whether or not there was any use in purchasing any token in the near future.
In order to accomplish this, Kang expressed his opinion regarding the fact that 98% of alternative cryptocurrencies are currently leading the market cycle. He made the suggestion that there were just a few coins that will achieve a new high either by the fourth quarter of 2024 or the first quarter of 2025, but he did not provide any specifics.
Trading in Ethereum Exchange-Traded Funds Could Cause a Price Surge
It is important to note that Ethereum (ETH), the most popular alternative cryptocurrency, is not likely to be classified in the first category that Kang stated. At the moment, the cryptocurrency industry is contemplating whether or not the Securities and Exchange Commission (SEC) of the United States will grant permission for spot Ethereum ETF trading, as per Coingape.
There is a positive outlook among market observers and analysts on the decision that will be made by the SEC over the next two weeks. In the event that this occurs as anticipated, Ethereum is likely to experience a new massive rally. At the time of this writing, the alternative cryptocurrency was trading at $2,998.67, down 1.64% over the course of the previous twenty-four hours. It is anticipated that the price of ETH would go to $3,800 and possibly even higher in the short term, according to forecasts.
Kang admitted that Bitcoin is currently in the process of passing through a transitional period to become a "supercyclish asset." But at this point, it is not yet possible to say with absolute certainty which way the coin will turn.
Photo: Microsoft Bing
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