Altcoin
Is Altcoin Season on the Horizon? One analyst predicts Ethereum’s breakout will kickstart the rally
Crypto analyst Javon Marks recently suggested that the Altcoin season could be imminent and Ethereum could be the cause. As part of his analysis, the analyst had foreseen this Ethereum It would likely kickstart the rally these crypto tokens are expected to experience once the Altcoin season begins.
Altcoins will follow Ethereum’s move
Brands marked with an X (ex Twitter) send That a new all-time high (ATH) as Ethereum could be of “great service in many Altcoin progressions.” The analyst made this statement by highlighting a bull flag that had formed on the Ethereum chart. He stated that a breakout from that flag could trigger a massive rally for Ethereum, which, in turn, would positively influence other Altcoins.
Ethereum periodically surpasses the flagship cryptocurrency, Bitcoinwhich inspires other crypto tokens to make significant rallies instead of mirroring Bitcoin’s price action. Cryptographic analyst Michaël van de Poppe indicated that the Ethereum Spot ETF news will likely trigger this move for Ethereum and other altcoins.
He also revealed that Bitcoin’s dominance has peaked, meaning the flagship cryptocurrency may be cooling off while these altcoins enjoy an upward trend. Van de Poppe had done it previously expected that the narrative would shift to Ethereum and that he expects altcoins to bounce into their Bitcoin pairs post-halving.
In a more recent one X post, the crypto analyst also suggested that a significant rally is on the horizon for Ethereum. According to him, the second largest crypto token by market capitalization is currently in the final stage of the correction. “The good times will come in a few weeks,” he added.
These “good times” are also coming for other altcoins, such as Van de Poppe revealed which is currently seeing a period of consolidation in the Altcoin market cap rankings, which is what precedes the “next big push up.”
Altcoin season may take a little longer
Crypto analyst Rekt Capital suggested that it may still take some time for the market to witness the altcoin season. In a X poststated that “the window for The Altcoin Fund has just begun,” meaning these crypto tokens are likely to drop even lower before experiencing a trend reversal and making parabolic moves higher.
In an other X postthe analyst reaffirmed this sentiment again, stating that “there is still time for the Q2 Altcoin Hype Cycle to take off. However, he noted that altcoins they are already preparing for this move, claiming that “the very foundation of the next wave of Altcoin rallies is being built as we speak.”
Rekt Capital assured that this period of altcoin consolidation was necessary before they could experiment with one significant increase in prices. “Market-wide breakouts cannot occur without the market slowing down first consolidation periods“, he has declared.
At the time of writing, Ethereum is trading at around $3,000, up more than 3% in the last 24 hours according to data from CoinMarketCap.
Chart from Tradingview.com