A bull facing a bear
The crypto market has seen a sudden drop, with asset prices seeing significant dips within the last 24 hours and there may be no hope of recovery yet.
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In a tweet on 26 September, a crypto analyst known as Crypto Tony warned that altcoins have not finished dipping, meaning they are likely to drop to much lower prices before a recovery.
The warning comes amid speculations that the market dip may be coming to an end and a bounce may be around the corner.
Altcoin season suspended — for now
One thing altcoin investors have looked for sometime now forward to is an altcoin season which comes just once in a cycle.
Analysts recently raised the hope of investors by saying that the season may be close, causing many to load up on altcoins.
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While the analysts were not wrong because several indicators such as the Bitcoin Dominance and altcoin Season Indicator have pointed towards a likely rally, the sudden market drop has inevitably delayed the season.
The pullback which cuts across all assets follows massive outflows from both Bitcoin and Ethereum ETFs that resulted in the prices dropping to $109,000 and just over $4,000 respectively at press time.
Interestingly, some analysts believe that Bitcoin’s crash could be good for altcoins, since it could be the final blow that allows altcoins to rally into a full blown altcoin season.
For now however, fingers remain crossed as it isn’t clear when the dip will end and when the price recovery may begin.
Time to watch out
Crypto Tony believes the dip for altcoins is not yet over, but that is not all bad. The analyst with over 500,000 followers also said it is time for investors seeking entry points to watch out and enter as close to the bottom as possible.
Indeed, market corrections like this often cause much pain, but they also present precious opportunities for investors to either enter afresh or add to their holdings before the next leg up.
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