Analyst: we are at the beginning of the altcoin depression stage

He is sure that there is no need to talk about a turnaround before the first quarter of next year and advised to ignore statements about a shorter timeframe.

Commenting on the current market situation, Tony referred to the well-known description of the psychology of the market cycle in the "Wall Street Cheat Sheet".

According to it, the depression stage occurs when many participants tend to abandon their investments, believing that all is lost. This usually happens near the end of a bear market when prices begin to rise.

Taking into account indicators such as Ethereum's strength against bitcoin, #altcoin market capitalization, bitcoin dominance, and the dollar index, he concluded that almost all of them show a bear market sentiment.

Using the Total3 data as an indicator, Tony noted that altcoins could fall even lower, and only then could a bullish reversal begin.