- Market analyst CryptoBullet predicted that altcoins will bottom out as 2023 draws to a close.
- The analyst advised users to move their crypto assets to stablecoins to guard against a possible altcoin drop.
- Major altcoins have declined amidst a broader crypto market drop in the past 24 hours and week.
Amidst a market downturn for major altcoins, crypto trader and market analyst CryptoBullet, in a post on X – formerly Twitter – warned the crypto community that the worst is yet to come. The analyst said altcoins will bottom out in what many already exclaimed to be a bullish October.
CryptoBullet continued by advising users to prepare their stablecoins in the last quarter of 2023. Compared to other cryptocurrencies, stablecoins shield against market volatility, which explains why people use them as a safety net asset during market slumps.
Meanwhile, the analyst made similar predictions for the world’s largest cryptocurrency network, Bitcoin, earlier this month. While Bitcoin surged above the $28K line, much to the crypto community’s excitement, CryptoBullet argued that the token could still bottom out to $20K.
He stated that the brief rally by the token to $28,600 is forming the right-hand shoulder of a classic “head and shoulders” chart pattern. According to his analysis, the downside will follow once the token peaks its rally. He added that the “second half of October should be bearish.”
Elsewhere, the crypto market continues to fluctuate between market volatilities. After a surge last week, the crypto market is shedding the gains it accumulated over that period. The crypto market cap has declined by 1.63% in the past 24 hours.
Furthermore, major altcoins have also recorded a drop in their prices, according to data from CoinMarketCap. At the time of press, Ethereum has seen a 2.11% loss in the past 24 hours and a lower 5.24% loss in the past week. Similarly, BNB and XRP declined, shedding 1.10% and 2.33% in the last 24 hours, respectively.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
