Altcoin
Preparing for Altcoins’ ‘Manic Phase’, Analysts Call for Next Step — TradingView News
The cryptocurrency industry has seen a positive change with the recent market recovery. After a first quarter filled with bullish sentiment, the second quarter saw many sectors of the crypto space stir pessimistic sentiment towards altcoins.
Experts and market observers reassured investors that price corrections were part of the cycle, predicting that the bullish rally would resume after cooling. Now, analysts believe that altcoins are about to take a “huge step forward” for the alt season.
Ethereum’s surge fuels sentiment
The cryptocurrency market is up 8.3%, with a market capitalization of $2.55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, rise above $70,000 in the past day.
Likewise, the “king of altcoins” has achieved extraordinary results in the last 24 hours. The price of Ethereum (ETH) is up 22% since yesterday, surpassing levels not seen since mid-March.
However, ETH has yet to test its all-time high (ATH) of $4,878, which it reached nearly two years ago. As a result, the second largest cryptocurrency has been criticized this cycle for being “a big disappointment.”
In a turn of events, rumors of an ETH spot Exchange-Traded Funds (ETF) approval have replenished investors’ bullish tank, “wiping out just 65 days of bearishness” with a single daily candle.
With ETH rising, analysts believe it is only a matter of time before the entire altcoin sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the “Crypto Money Flow Cycle,” saying that now that BTC and ETH have recovered, “it is time for Altcoins to recover as well.”
Is Altcoin Season Here?
During the downturns, market observers have analyzed the path of altcoins in this cycle. Altcoin Sherpa stated that many tokens did not “run as strong” during the first round of the bull run, resulting in a prediction of a 1-4 month “cooling off” period before resuming the uptrend.
Despite the similarities to previous bull runs, the singularities of this cycle, such as the approval of Spot Bitcoin ETFs and the Memecoin presale frenzy, have investors wondering whether they will see the alt season this time.
Nonetheless, several analysts, who have urged investors not to panic early, suggest that the community is preparing for the “manic phase” to come. Crypto Yoddha shared his chart for the 2024 altcoin cycle, saying the drop was “just a higher low in an uptrend.”
BTC News
According to the chart, the altcoin market is now looking to retest the $1.27 trillion resistance level seen in March before testing the $1.7 trillion ATH of the latest cycle. For Yoddha cryptocurrency, “we are looking at bullish continuation” leading to a new market ATH during round 2.
Similarly, analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market cap has finished its correction:
The next step: reach the all-time high, which is about 60-70% from here.
I think #Ethereum will probably reach this goal in the next 2-4 months.
Finally, Crypto Jelle believes that “altcoins are about to embark on a massive rally” after an 18-month accumulation period. The analyst likened the market’s recent rally to a ball held under water, arguing that “it’s time for history to repeat itself.”
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