Trader Eugene: The bottom of the strong altcoin may have appeared, but it's not the right time to enter the market at this stage

Odaily Planet Daily reports that trader Eugene stated in a Telegram group that the current market has entered the fifth stage depicted (bull loss, coin price consolidation, transaction volume and volatility shrinkage). In this stage, some stronger altcoins have already hit bottom, but it is still uncertain whether the global bottom of most assets has arrived.

Eugene explained that this phase is where he participates least because no matter whether it rises or falls, the volatility is very small. He will only try to pick one or two targets that he thinks are more defensive than ordinary altcoins. He hopes if his bearish judgment turns out to be wrong, they can perform better - but nothing more.

The tricky part about the fifth stage is that it could last any length of time. In my view, considering there's no structural damage (no companies or projects going bankrupt), I don't think we'll stay in this phase as long as we did during the previous cycle - but this is just my guess. Cryptocurrencies may continue to follow stock market trends for a while.