🚀🚀🚀 #Altcoins👀🚀 ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up
#CryptoMarket Sees Renewed Optimism Amid Recovery
Following a bullish Q1, the crypto industry faced some skepticism toward altcoins in Q2. However, experts reassured investors that corrections were typical, predicting a resurgence in bullish sentiment.
#Ethereum 's Resurgence Sparks Hope
- The market has surged by 8.3%, reaching a $2.55 trillion market capitalization, with Bitcoin surpassing $70,000. Ethereum has notably surged 22% in the last 24 hours, regaining levels not seen since mid-March.
- Despite this, Ethereum is yet to test its all-time high of $4,878, drawing criticism for its performance. Rumors of ETH spot ETF approvals have reignited investor optimism, erasing 65 days of losses in a single candle.
- Analysts anticipate Ethereum's rally to herald the beginning of an altcoin season, as demonstrated by the 'Crypto Money Flow Cycle' highlighted by Rekt Capital.
Are We Entering Altcoin Season?
- During market slowdowns, analysts have scrutinized altcoins' performance this cycle. Altcoin Sherpa suggests a potential cooling-off period of 1-4 months before a resumption of the uptrend.
- Despite uncertainties, analysts urge preparation for a potential "maniac phase" ahead. Chart analysis by Crypto Yoddha indicates a bullish continuation, aiming to retest March's $1.27 trillion resistance before aiming for the previous cycle's $1.7 trillion ATH.
- Michaël van de Poppe suggests that the correction in the altcoin market capitalization has concluded, while Crypto Jelle anticipates a significant upward movement after an 18-month accumulation period, likening the recent breakout to a submerged ball ready to resurface.
Source - newsbtc.com
