Author: 1912212.eth, Foresight News
The much-anticipated Lunar New Year market performance has instead seen a crazy and massive plunge this year.
On February 3, the BTC price dropped to a low of $91,231, ETH plunged over 18% to a low of $2,125, and the Altcoin market was in a dismal state, with most tokens dropping over 20%.
According to Coinglass data, the 24-hour liquidation of the entire network's open interest contracts was $2.158 billion, with $1.832 billion in long positions liquidated. Ethereum Gas fees once surged above 700 Gwei.
Under the precarious market liquidity in the crypto market, it has once again suffered a severe setback. What will the future hold?
Andrew Kang: ETH may be oversold and could rebound to $2,700
Mechanism Capital partner Andrew Kang posted on social media that "ETH may be oversold at the moment and is worth buying, and could rebound to $2,700." He also continued to tweet that the crypto market will be priced regardless of macroeconomic changes. In any case, we will see a mean reversion. Whether it is worth holding after a significant rebound remains to be seen.
Trader TraderS: The market may have reached a short-term bottom, and if BTC can break through $120,000, Altcoins may have a chance
Trader TraderS tweeted: This one is almost done, the next couple of days should be the lowest point of sentiment, and after the day after tomorrow when everyone starts working again, the sentiment will recover, then we can gamble on the 25BP rate cut on March 19, and there is a high probability that it will be cut in March. If BTC can surge to $120,000-$130,000, Altcoins may have another chance, as many have already hit historical lows, and if they drop further, it's better to just sell the shells.
Matrixport Co-founder: Tariffs have little impact on US productivity and inflation, and the market will recover quickly
Matrixport co-founder Daniel Yan tweeted: Recently, the Asian market is unable to bear any negative news and lacks independent thinking. Driven by insufficient liquidity and CTA herding operations, we have once again seen a typical weak Monday, with a selling phenomenon. However, tariffs have little impact on US productivity and inflation, and the market will recover quickly.
Hartmann Capital Founder: In the short term, the market may have capitulated
Hartmann Capital founder Felix Hartmann tweeted: This is likely a short-term capitulation. I don't know about the long-term trend, but for now, this is a forced selling, and the prices may be misaligned.
Trader 0xSun: Trump's celebrity coin concept shattered the market's upward momentum
Trader 0xSun tweeted that if Trump's own Trump coin is blowing a huge bubble, then his wife Melania's coin is the needle that burst the bubble, shattering the market's united momentum. Even the president's own coin is performing poorly, so there is no confidence in holding other coins either, and we need to wait for a token that rewards diamond hands to improve the sentiment. Regarding the Altcoin season, this round has far more tokens than before, and new assets are easier to issue, so an across-the-board rally is difficult.
