- Santiment argued now may be a good time to buy altcoins before the bull run.
- It observed that over 85% of monitored assets are in a historically buying opportunity zone.
- This observation draws from the MVRV of wallets’ combined returns over one-month, three-month, and six-month periods.
Prominent market intelligence firm Santiment has suggested that now may still be an opportune moment to buy altcoins before the bull rally that typically follows a Bitcoin halving. Santiment called attention to this view in a recent post on X after examining the mid-term gains and losses realized for most altcoins.
Specifically, the intelligence platform noted that average wallets’ mid-term gains and losses indicate heavy realized losses across most altcoins. It observed that over 85% of the assets it monitors are in a historically buying opportunity zone.
Santiment noted that this observation is particularly true when evaluating the market value to realized value (MVRV) of wallets’ combined returns over one-month, three-month, and six-month periods. As a result, Santiment suggested that it could be justifiable to consider buying, especially as growing fear permeates the crowd following these successive market cap dips.
Notably, the crypto community recently witnessed Bitcoin’s fourth halving cycle, slashing miners’ rewards to 3.125 BTC per block. However, before the halving of April 19, the crypto market witnessed severe bearish performances that erased most of the gains most altcoin accrued in the early phase of the bull run.
For instance, Shiba Inu has collapsed by approximately 60% to $0.00001853 this month after reclaiming the $0.00004534 range in March, one of its peak points in 2021. A comparable landslide collapse was observed with BONK, which sank to $0.00001257 on April 13 after hitting $0.00004704 previously.
These depressing performances followed Bitcoin’s retrace to the $60K range before the halving. While the halving has been completed, the market has barely fully recovered as Bitcoin continues to battle bearish forces, dampening the morale of the investing public.
Meanwhile, Santiment believes individuals who risk investing now stand a good chance of reaping better profits when the anticipated bull run emerges.
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