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XRP The recent rally in the cryptocurrency market has accelerated under the leadership of Bitcoin, and some analysts have turned their attention back to altcoins. Analyst Matthew Hyland pointed out that after the recent market correction, some altcoins may provide returns of 10 times to 1000 times in the next few months, bringing extraordinary investment opportunities.
Why compare the performance of altcoins with 2020?
Highan compared the sell-off of altcoin in June with the market crash in March 2020 in its August 21 analysis. He believes that if the market shows a recovery similar to 2020, the value of Ethereum, Cardano and some other tokens may be much higher than current levels. The core of Highland's analysis lies in the historical speed of market recovery. He argued that the sharp correction in June may be the counterpart of the March 2020 crash in the altcoin market. If this scenario comes true, some altcoins will experience a strong rebound in just a few months without waiting for years. Analysts did not give specific price targets, but instead relied on the speed of historical market movements as the main basis for their views. One historical case he cited was the S & P 500 index, which completed its recovery in about 13 weeks after hitting a low point in March 2020, that is, June 2020. Hyland believes that if cryptocurrency assets also show a similar speed, the recovery process will not have to be delayed for many years.
Does Bitcoin's rise make room for altcoin projects?
Bitcoin's recent trend is one of the important reasons for rekindling the optimistic outlook for altcoins. Bitcoin recently rebounded strongly from a low near $60,000, breaking through $76,000. Ethereum also followed this trend, approaching the $2400 level. Bitcoin recorded a daily gain of about 9% and a weekly gain of 19%, while Ethereum's weekly gain reached 26%. Some large altcoins have even increased more than the leader cryptocurrencies. Ripple rose to about US$1.32, a daily gain of 18%, and a weekly gain of about 29%. Bitcoin cash rose by about 18% a day, and dogcoin rose by about 12% a day. This situation shows that cryptocurrency investors are not only beginning to focus again on Bitcoin, but also on other parts of the market.
What key levels of Bitcoin are analysts concerned about?
Hyland's views are not the only optimistic assessment in the market. Analyst firm CrediBILL Crypto believes that recent trends indicate that a macro bottom has been formed and suggests that Bitcoin is expected to exceed US$100,000, while Ethereum may exceed US$3500. Analyst Sykodelic noted that Bitcoin has strongly exceeded its 200-day simple moving average. He looked back at history and pointed out that after similar breakthroughs, Bitcoin rose by 124% in 2019, 724% in 2020, and 511% in 2023. However, this optimistic scenario has an important premise. Sykodelic believes that if Bitcoin falls below $65,000, the current established argument at the bottom may be weakened.
Is the expectation of 1000 times return realistic?
Returns of 10 to 1000 times are extremely aggressive assumptions and analysts 'views should not be regarded as deterministic market forecasts. Hyland's thinking is based on an abnormal rebound after a sharp decline in the historical cycle. Investor sentiment is not the only driving behind this round of gains. The U.S. Treasury's doubling of liquidity-backed repurchase of its long-term treasury bonds and support for the CLARITY Act at the White House meeting are factors that have enhanced market risk appetite. Hailan believes that in the next stage, altcoins may gain more attention. He even believes that the market may surprise investors who have long believed that cryptocurrencies are over, and that the current trend could become "one of the most controversial rallies" in cryptocurrency history.
The content of this article does not in any way constitute investment advice. Markets have high risks, so please conduct independent research before making investment decisions.
