Is Bitcoin Price Forming a Bottom? VanEck Says Downturn May Be Nearing End as Altcoins Near ATL

Core Insights - Bitcoin may be nearing a market bottom after experiencing significant losses, with nearly 40% of altcoins trading close to all-time lows, indicating fragile risk appetite in the market [1][5] - VanEck suggests that the recent rally in the crypto market, including Bitcoin and major players like Coinbase and Circle, could indicate that the downturn is approaching exhaustion [2][3] - The firm highlights a potential bottoming process in the market, supported by a 55% increase in stablecoin supply, which is seen as a structural driver for the crypto sector [4][3] Altcoin Performance - A significant portion of altcoins, specifically 38%, are currently trading near their all-time lows, marking the largest regression in the current market cycle [5] - The overall market environment remains unfavorable for risk-taking, with liquidity shifting towards equities and commodities rather than cryptocurrencies [6] Long-Term Outlook - VanEck maintains a bullish long-term forecast for Bitcoin, projecting a price of $2.9 million per coin by 2050, primarily driven by its adoption as a global settlement asset [9]