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The recent Federal Reserve FOMC meeting has shifted the direction of cryptocurrency markets, with many altcoins experiencing significant drops following Jerome Powell’s speech. Over the last 24 hours, many coins have taken a major hit.
According to analyst Miles Deutscher, the changes in the market have impacted the short-term trajectory, but they do not alter the overall bullish outlook for the long term. Currently, Bitcoin’s dominance is rising, but the market may be seeing the formation of a lower high, signaling a possible dip for Bitcoin before altcoins begin to rally.
Historically, after a correction in Bitcoin, altcoins tend to follow and experience significant growth. This could mean a potential altcoin rally towards the end of January, as market patterns tend to align with these cycles.
Many new retail investors panic during market dips, with some expressing fear about holding coins like XRP or DOGE. For those who think the bull market is over, the analyst said that it’s important to consider that most bear markets don’t start with a 15-20% correction. Historically, dips like this offer great buying opportunities and can be the best time to position yourself for gains in the future.
Historical Pattern Shows Big Potential
Lark Davis, a crypto analyst, believes the altcoin market is gearing up for a big rally. On December 18, the total market cap of altcoins (excluding Bitcoin and Ethereum) is around $1.05 trillion, close to the high from November 2021. The last time the market hit a similar level was in February 2021, when it broke through and surged over 200%. Davis thinks that once the market cap surpasses $1.13 trillion, we could see one of the biggest altcoin seasons ever.
He also points out several factors driving this potential growth, such as Bitcoin hitting new all-time highs, Trump taking office soon, global rate cuts, and more money flowing into the market. With these conditions in place, Davis warns that anyone who isn’t involved now could miss a chance to make significant gains during the upcoming altcoin rally.