Alt-Coin Bear Market Largely Over Claims Expert
Speaking to Bloomberg News Tuesday, Fundstrat Global Advisors LLC suggested that the alt-coin bear market is mostly over and this is illustrated with his firm’s measure of alt-coins showing a sharp 75 percent decline in the group over the past 64 days.
The rout comes after a 62-day rally pushed them to unprecedented heights.
From Bloomberg News:
Based on the trajectories of three previous alt-coin bear markets, where the selloffs lasted roughly as long as the surges that preceded them, Fundstrat says the likelihood that the current drop has ended is high.
While the bulk of the decline is over, a bull market for the coins, which include tokens such as Eos and Dash, isn’t necessarily underway, strategists including Thomas Lee, Robert Sluymer and Sam Doctor wrote in a note to investors Tuesday.
That report did note that alt-coins had gone through “purgatories,” or periods of consolidation, typically lasting between 70 and 231 days.
“We believe the current purgatory period will last for 150-175 days, implying a bull market for alt-coins really starts mid-August to mid-September,” according to the report. “The reason for this longer duration is the current dark clouds overhanging crypto are really alt-coin specific.”
- Aaron Goldstein, Gambling911.com
