Analysts see Bitcoin buyer exhaustion as retail shifts to altcoins
Buyer exhaustion may set the stage for a correction in August before investor capital surges into altcoins, as in previous market cycles.
Investor sentiment toward cryptocurrencies surged this week, with growing retail interest in altcoins suggesting Bitcoin’s recent euphoria phase may be nearing an end, according to analysts.
The crypto asset sentiment index rose from 0.23 to 0.91 within a week, according to Max Shannon, senior research associate at crypto index fund manager Bitwise.
Google searches for altcoins and Ethereum also rose to a multiyear high, reminiscent of prior bear markets, which may signal a growing investor mindshare for altcoins and Ether (ETH), following Bitcoin’s latest all-time high above $124,000.
