Altcoins To Have ‘Severe Corrections?’ Analyst Issues Warning

After days of slow movement, the altcoin market is starting to recover. Popular analyst Crypto Michael said Ethereum is one of the reasons behind this change. Ethereum has been performing better against Bitcoin lately and this shift has helped altcoins.

However, he also warned that the Bitcoin dominance chart shows signs of a trend reversal, which could lead to sudden changes in the market. Even though altcoins are showing some strength, sharp price drops are still expected.

Source: CryptoMichael

“The altcoins are likely going to have severe corrections (like last week), which can be utilized to accumulate more,” the analyst said.

Bitcoin Still in a Tight Range

For more than two weeks, Bitcoin has been moving within a narrow price range. But since the market has already tested the lower end of this range, the analyst said that a push toward higher levels could be next.

Source: CryptoMichael

If that happens, the market might even see a new all-time high for Bitcoin as early as next week.

Related: Ethereum Eyes $4K as it Retests Key Resistance With Surge in Trading Volume

Altcoins to Watch in the Coming Days

Optimism (OP) and Celestia (TIA): Helping Ethereum Scale

Both OP and TIA are important players in the Ethereum ecosystem.

• Optimism is a Layer 2 scaling solution, meaning it helps Ethereum run faster and cheaper.
• Celestia is using a modular blockchain approach, which offers developers more flexibility and efficiency.

Omni and Rocket Pool (RPL): Small Cap Power and Staking

• Omni recently surged 300%, showing how powerful micro-cap altcoins can be in the right market.
• Rocket Pool is a decentralized staking platform for Ethereum, offering rewards to users who want to stake ETH in a more decentralized way.

Related: Crypto Market Heats Up: Ethereum, Cardano, and SUI Signal Mixed Short-Term Outlook

Wormhole (W) and AAVE: Strong Comebacks

• Wormhole enables cross-chain transfers, allowing data and crypto to move between different blockchain ecosystems like Ethereum and Solana.
• AAVE, one of the oldest and most respected DeFi platforms, is showing signs of a strong comeback, especially in its performance against Bitcoin.