Andrew Kang: More than 98% of altcoins have peaked in this cycle, and Bitcoin is transitioning to a super-cyclical asset
Odaily2024/07/07 15:24
By:Odaily
Odaily News Andrew Kang, co-founder and partner of Mechanism Capital, wrote on X that the most common mistake in the
crypto market is to buy too early when the trend turns from up to down. Adjustments after the collapse of large market structures are often deeper and longer than expected. Dont buy when BTC is down 10% from a high point, but buy for the next cycle when the market is generally liquidated, most people withdraw, and question whether cryptocurrencies will die forever. In addition, he believes that more than 98% of altcoins have peaked in this cycle, and only a few may hit new highs in the fourth quarter of 2024 or the first quarter of 2025. It is mainly a few Meme coins that may hit new highs, but they need to be selected carefully. Kang also said that
Bitcoin is in the transition stage to a super-cyclical asset, which has the characteristics of previous cycles and mature macro assets.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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