Altcoins ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up
2024年5月22日 - 10:00AM
NEWSBTC
The crypto industry has seen a positive shift with the recent
market recovery. After a Q1 full of bullish sentiment, Q2 saw many
sectors of the crypto space brewing a pessimistic feeling toward
altcoins. Related Reading: Why Is The Ethereum Price Up 20% Today?
Experts and market watchers have reassured investors that the price
corrections were part of the cycle, predicting that the bullish
rally would resume after the cool-off. Now, analysts consider that
altcoins are about to embark on a “massive leg higher” for the alt
season. Ethereum’s Surge Refuels Sentiment The crypto market is up
by 8.3%, with a market capitalization of $2.55 trillion. This
market surge has seen Bitcoin, the flagship cryptocurrency, soar
past $70,000 in the last day. Similarly, the “king of altcoins”
remarkably performed these past 24 hours. Ethereum (ETH)’s price
has risen 22% since yesterday, surpassing levels not seen since
mid-March. However, ETH is yet to test its all-time high (ATH) of
$4,878, set nearly two years ago. As a result, the second-largest
cryptocurrency has been criticized this cycle for being “a major
disappointment.” In a turn of events, rumors of an approval of ETH
spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish
tank, “erasing 65 days of down only” with a single daily candle. As
ETH rallies, analysts believe it’s only a matter of time before the
whole altcoins sector surges to kick off the altcoin season. Crypto
analyst Rekt Capital highlighted the ‘Crypto Money Flow Cycle’,
stating that, now that BTC and ETH have rallied, “it’s time for
Altcoins to rally.” Is The Altcoins Season Here? During the
slowdowns, market watchers have analyzed altcoins’ run this cycle.
Altcoin Sherpa has stated that many tokens didn’t “run that hard”
during round 1 of the bull run, resulting in his forecast of a 1-4
months “cool-off” period before resuming the uptrend. Despite the
similarities with previous bull runs, the singularities of this
cycle, like the approval of Spot Bitcoin ETFs and the Memecoin
pre-sale frenzy, have made investors question whether they would
see the alt season this time. Nonetheless, several analysts, who
urged investors not to panic before, suggest the community prepares
for the “maniac phase” ahead. Crypto Yoddha shared his chart for
the 2024 altcoin cycle, stating that the dip was “just a higher low
in an uptrend.” Per the chart, the altcoins market is now looking
to retest the $1.27 trillion resistance level seen in March before
testing last cycle’s $1.7 trillion ATH. To crypto Yoddha, “we’re
looking at the bullish continuation” that will lead to a new market
ATH during round 2. Similarly, Top analyst Michaël van de Poppe,
who recently sold all his BTC for Altcoins, stated that the Altcoin
market capitalization has finished its correction: The next step:
reaching all-time high, which is ~60-70% from here. I think
#Ethereum is likely reaching that in the next 2-4 months. Related
Reading: Bulls In Control: Ethereum Longs See Biggest Candle Ever
After ETF News Lastly, Crypto Jelle considers that “Altcoins are
about to embark on a massive leg higher” after an 18-month
accumulation period. The analyst compared the market’s recent
breakout to a ball being held underwater, claiming that “it’s time
for history to repeat.” Featured Image from Unsplash.com, Chart
from TradingView.com
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