News/Coinpedia/Anticipating a Crypto Meltdown: Altcoins Predicted to Plummet 50-80%, Bitcoin Could See 45% Downturn
The cryptocurrency market is currently witnessing a 3% decrease, which brings the total market cap to $3 trillion. Bitcoin’s value has fallen to $103,000, marking a 1.1% decline. Significant altcoins such as Ethereum, Solana, and XRP have experienced a drop up to 3%, while memecoins like Dogecoin, Litecoin, among others, continue to depreciate.
Prominent analyst Crypto Capo recently issued a stern warning, stating,“The worst is yet to come.” He emphasized that altcoins are undergoing a severe plunge, even though Bitcoin is still maintaining a value above $100K.
Memecoins are expected to suffer the most. Crypto Capo identifies two primary support levels for Bitcoin: initially at $93,000, followed by the main support zone between $60K and $70K. This could translate to a 35-45% downturn from the current values. The analyst suggests that in a full-scale capitulation or a Black Swan event, Ethereum could face a 45-55% drop and reach the $1000-$1200 range. Altcoins are predicted to decrease by 50-70% on average, while memecoins could see the worst of it, potentially crashing up to 60-80%.
The real downturn is expected to kick in once Bitcoin breaches the $100,000 threshold. This could trigger a swift escalation in bearish momentum. Crypto Capo also pointed out examples of altcoins that are already collapsing ahead of Bitcoin’s downturn.
Crypto Capo’s charts indicate that memecoins are on the verge of significant breakdowns. FARTCOIN is at risk of plummeting 61% to the first support zone around $0.38, and possibly face an 82% drop to $0.17 if the decline continues. RETARDIO is exhibiting weakness, being stuck below resistance. Despite multiple bounces, it remains in a lower range, showing fatigue. PEPE has initiated a bearish Head and Shoulders pattern, with a projected 70% drop.
Data from CryptoQuant reveals that altcoins are still deep in a slump. Altcoin Sherpa notes that the top gainers like Fartcoin, SPX, and HYPEUSDT are experiencing the hardest pullbacks, while the rest of the market suffers a slow, steady bleed. He anticipates coins like POPCAT to continue drifting lower, with no major liquidations or panic selling observed yet. Most altcoins appear weak, and the analyst currently sees no strong buy signals.
Analyst Michaël van de Poppe says altcoins have been stagnant for the past three months, merely retesting lows. He opines that this quiet phase could be the precursor to a major storm, with the greatest altcoin bull run yet to come.
