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Pseudonymous crypto trader Kevin sees altcoins likely struggling ahead of a significant price movement.

What Happened: The trader took to X to share his analysis of the top 150, noting that these altcoins find it difficult to break back above the macro Golden Pocket.

He also pointed out that we are on the brink of witnessing the first-ever weekly golden cross of the 50 Simple Moving Average (SMA) crossing the 200 SMA. This phenomenon, according to Kevin, could trigger sharp dips and periods of consolidation before a significant movement occurs.

The trader expressed his belief that the most explosive part of the crypto market is yet to come. His predictions are based solely on chart analysis, without any personal bias.

Also Read: Is This The Time To Buy Altcoins? Crypto Researcher Sees These 2 Main Options

Why It Matters: Kevins analysis provides valuable insight into the current state of the altcoin market. He explicitly mentions Dogecoin DOGE/USD, Ripple XRP/USD, Solana SOL/USD and Avalanche AVAX/USD in his post.

However, the impending Golden Cross could signal a potential turning point. Historically, such crosses have often preceded significant market movements. Therefore, Kevins prediction of an impending explosive phase in the crypto market could be a crucial development for investors and traders to watch.

In another tweet, prominent trader Michal van de Poppe stated that he is still heavily allocated into altcoins, despite not being able to time the exact bottom. He adds, "Youll be allocated into a position, and youll need to be patient until it reverses, thats how things go."

Whats Next: The influence ofBitcoin as an institutional asset classis expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Is It Time For Altcoins To Shine? Expert Predicts Uptick For DOGE As BTC Finds Solid Ground

Image: Shutterstock

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Continued here:
With Altcoins At First Ever 'Weekly Golden Cross', This Prominent Trader Remains 'Heavily Allocated' - Benzinga