Bitcoin (BTC) Struggles to Hold $60K Support as Analysts Eye Altcoin Season

Bitcoin's recent bearish trend and plummeting transaction volumes have sparked whispers among analysts about the impending altcoin season.

Bitcoin’s recent price decline and decreasing transaction volumes have led analysts to speculate about an impending altcoin season. According to AltcoinBuzz, Bitcoin’s struggle to maintain support around $60,000 and traders’ **fear** despite Bitcoin’s **recent** price range between $65,000 and $66,000 were among the observations made by Santiment. Highlighting the impact of this correction on altcoins, several analysts, including Michael VanDePoppe, suggested that it might signal the end of the downtrend for altcoins. Anticipating a potential capital rotation back into altcoins soon, Poppe noted market fatigue and the accumulation strategy adopted by whales, suggesting that patient investors might benefit from market stabilization. In the past, some altcoins have surged by 300 to 500% after similar drops, and Poppe anticipates a 100% rally as this correction nears its end, possibly following Bitcoin’s path. Moreover, AltcoinBuzz shared updates on two new altcoin projects offering early investment opportunities. The first is Landrocker, a gaming project that launched its token, LRT, on Mexi and Uniswap. LRT saw a massive 10x surge within just 24 hours of its launch. The second project is X-RaiseWallet, which is launching its Raise token through an Initial DEX Offering (IDO) after two years of development and rigorous security audits. Raise integrates advanced features from zkSync like account abstraction and transaction batching to enhance user experience for DApps and games. As Bitcoin tests critical support levels, questions arise about its resilience leading into the month’s end. He pointed out that many altcoins have undergone major drops, with some falling by as much as 50% from their peak levels in 2021. Despite this, he expressed optimism about a possible comeback, noting that in the past, altcoins have bounced back strongly after experiencing similar market downturns.

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