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Home»ALTCOIN NEWS»A top analyst explains the mechanics of the latest altcoin crash and says Bears took over after losing momentum.
ALTCOIN NEWS

A top analyst explains the mechanics of the latest altcoin crash and says Bears took over after losing momentum.

By Crypto FlexsApril 14, 20243 Mins Read
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A top analyst explains the mechanics of the latest altcoin crash and says Bears took over after losing momentum.
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The top analyst behind the end of the 2021 Bitcoin (BTC) bull market is detailing the mechanisms behind the latest altcoin collapse.

Pentoshi, a pseudonymous cryptocurrency strategist, tells his 779,400 followers on social media platform X that momentum is what moves markets.

According to analysts, the cryptocurrency market has been launching new altcoins at such a rapid rate that demand has dried up and momentum has shifted to the other side.

“I think it was mostly a simple supply versus demand dynamic.

We have reached a point where many new coins are being launched every day and more and more liquidity is needed to support each coin. At one time, it required about $200 million in new capital inflows per day to support current prices.

So, because supply overwhelms demand and everyone participates, there isn’t enough passive bidding and demand on the books or liquidity, which reduces these violent movements.

We reached a point of balance and then another team temporarily took over.”

TOTAL3, which traders use to track the value of the altcoin market, fell about 30% to $563.85 billion from a 2024 high of $788.85 billion.

Even amid market-wide adjustments, Pentosi highlight The point is that the cryptocurrency bull market is still intact.

“I think this is not a macro normal, it’s just a local normal.

Bull markets always end when supply becomes essentially infinite and there are no buyers left. In my opinion, I don’t think we’re there yet. We wish you good luck over the coming weeks and happy harvests.”

Taking a closer look at TOTAL3, a widely respected analyst shares a chart suggesting it will hold support around $600 billion before recovering and rebounding to a $1 trillion valuation.

“Overall, I think this is the beginning of a great, new opportunity. This will change if BTC loses its market structure or if there is a massive outflow of BTC from exchange traded funds (ETFs). We haven’t seen it yet, and it could happen. They go both ways.

“At the moment, this is just one of several 30%-plus corrections we will have to follow if it is similar to previous cycles.”

source: Pentoshi/X

As of this writing, TOTAL3 is trading at $620 billion.

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Featured image: Shutterstock/Tithi Luadthong/klyaksun

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