Although cryptocurrency investors generally start buying immediately when the trend changes from rising to falling, the famous analyst Andrew Kang, who manages billions of dollars, does not have the same opinion as investors.
Most Investors Make Wrong!
Kang, who shared his thoughts on the
At this point, Andrew Kang stated that general market corrections are generally longer and more severe than expected and made suggestions to investors and traders.
According to Kang, the best time to buy is not during a decline when a few people are bearish, but when everyone else is liquidated, weaker investors leave the market, and everyone becomes bearish.
Accordingly, it would make more sense for investors to buy Bitcoin and altcoins in this period when most people give up.
The Majority of Altcoins Reached Their Peak!
Additionally, Kang said he believes almost all altcoins have reached the peak of their market cycles. According to the analyst, more than 98% of altcoins have reached cycle highs.
Kang predicted that only a small portion of altcoins will reach potential new highs in the fourth quarter of 2024 or the first quarter of 2025.
Stating that Bitcoin is in a transition period, Andrew Kang argued that BTC is in the middle of a transformation after the current declines.
Stating that memecoins are among the cryptocurrencies that will reach new peaks, Kang emphasized that memecoins have unique potential despite their volatility and speculative nature.
However, the analyst stated that it is necessary to be selective among memecoins and claimed that only a few of them will reach new peaks.
“I believe 98% of altcoins are at the top of the cycle, except for a handful of altcoins that could create new highs in Q4 2024/Q1 2025.
I think Bitcoin is in a transition phase to a super-cyclical asset, where it both retains characteristics from previous cycle behavior and becomes an increasingly mature macro asset.
Memes likely make up the majority of cryptocurrencies that have a chance to break new records
Even though there are hundreds of thousands of memecoins, you have to be very selective.”
I believe 98%+ of altcoins topped for the cycle except for maybe a handful of coins that may make some new highs in Q4 2024/Q1 2025
Bitcoin I think is in some transition stage to a supercyclish asset where it retains both properties from previous cycle behavior and also…
— Andrew Kang (@Rewkang) July 7, 2024
*This is not investment advice.
