Altcoins may experience slow decline until January 2025

According to Felix Hartmann, founder of Hartmann Capital, the majority of altcoins are likely to experience a downtrend until late January 2025. 

“In a post on December 10, Hartmann stated, ‘Some alts may continue running briefly, but the majority are likely to slow bleed or consolidate for 2–6 weeks.’”

He noted that there is “not much alpha in chasing alts here,” as many have recently peaked after significant gains. 

The altcoin market has faced challenges, with approximately $481.62 million in long positions liquidated in the past 24 hours, as reported by CoinGlass. 

Pseudonymous trader “Mister Crypto” remarked that this could be the final shakeout before substantial breakout movements occur. 

Among the top 100 cryptocurrencies, notable declines were observed in Ethena (CRYPTO:ENA), which fell by 10.46%, Pepe (CRYPTO:PEPE) down 10.62%, and Bonk (CRYPTO:BONK) dropping 8.59%, according to CoinMarketCap data. 

Hartmann expressed optimism regarding Bitcoin’s potential to retest the $99,000 level, primarily driven by anticipated “short squeezes.” 

If Bitcoin rises by approximately 2.41% above this threshold, around $1.53 billion in short positions could be at risk of liquidation. 

Daan de Rover, co-founder of CryptoSea, highlighted that “there’s a lot of liquidity building up on the topside for Bitcoin.” 

Hartmann also pointed out that each rally and subsequent decline brings the market closer to a return to dispersion among cryptocurrencies. 

In this context, Daan Crypto Trades suggested that Bitcoin typically moves between 30-50% following a prolonged consolidation phase within its current cycle.