According to Golden Finance, cryptocurrency analyst Rekt Capital wrote in an article on May 8 that based on historical chart patterns, altcoins may bottom out around early June, and altcoins were sold off during the Bitcoin halving. Altcoins bottomed out in early summer. The altcoin market has been hit hard in the past month. The market value of altcoins excluding the top ten cryptocurrencies fell more than 21% to $265 billion last month.
Aurelie Barthere, chief research analyst at Nansen, said that despite seeing a potential local bottom, the altcoin bull market first needs Bitcoin prices to break upward. Altcoins are high-Beta cryptocurrencies, and they succeed when market sentiment is very optimistic. Since mid-March, cryptocurrency investor sentiment has been less exuberant. With BTC prices consolidating around the 20-day exponential moving average (EMA), we need to break through this and clearly resume BTC's upward trend to outperform the market.
