Majority of altcoins may see a ‘slow bleed’ until late January 2025: VC
Crypto commentators say there is “not much alpha in chasing alts” right now, but are eyeing the possibility of Bitcoin retesting $99,000.
The majority of altcoins may continue to see a downtrend potentially until the end of January 2025, says Felix Hartmann, founder of venture capital firm Hartmann Capital.
“Some alts may continue running briefly, but the majority are likely to slow bleed or consolidate for 2–6 weeks,” Hartmann said in a Dec. 10 X post. “Not much alpha in chasing alts here, [in my opinion], as many just topped after 2–3x moves in a week.”
Hartmann says its “time to bring long bias back”
“While I expected slightly lower levels on some alts, perfect is the enemy of good; hence, it seems like an okay time to bring long bias back,” Hartmann said.
The overall altcoin market has seen another 24-hour tumble, with around $481.62 million in long positions liquidated over the last day, according to CoinGlass.
Pseudonymous trader “Mister Crypto,” said in a Dec. 10 X post that “this was the final shakeout before the real exponential breakouts.”
Among the top 100 cryptocurrencies, the biggest losers were Ethena (ENA), down 10.46%, Pepe, which dropped 10.62%, and Bonk, falling 8.59%, according to CoinMarketCap.
Bitcoin is trading at $96,663, down 1.5% over the last day at the time of publication, and has traded below the psychologically crucial $100,000 level since Dec. 9 after reaching the six-figure milestone for the first time on Dec. 5.
Hartmann claimed that Bitcoin has a “fair chance” of retesting $99,000, predominantly driven by “short squeezes.”
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Traders eye ‘what’s next’
If Bitcoin rises by 2.41%, above the $99,000 level, around $1.53 billion in short positions will be at risk of liquidation.
“There’s a lot of liquidity building up on the topside for Bitcoin,” CryptoSea co-founder Daan de Rover said in a Dec. 10 X post.
“We all know what’s next,” he added.
“Each rally and dump seems to move us closer to return dispersion in the space,” Hartmann said.
Pseudonymous crypto trader Daan Crypto Trades said in a Dec. 10 X post that Bitcoin “generally moves 30-50% after breaking a long consolidation within this cycle.”
“If last year was anything like we can expect this time, the next consolidation period should be shorter, followed by a new leg higher in Q1,” Daan Crypto Trades said.
Meanwhile, Syncracy Capital co-founder Daniel Cheung recently said that traders have shifted to a “short-term” trading mentality during this cycle.
Crypto analysis firm Santiment said that if retail traders “react with fear” and offload their crypto too quickly, it could trigger an aggressive recovery.
