Will altcoins bottom out this June?
Recent analysis by cryptocurrency experts suggests a possible turning point for altcoins in the next month. Observations by Nansen’s chief research analyst suggest that altcoins are waiting for a shift in the price range where Bitcoin has stagnated to kick off a possible bull run. This speculation is supported by historical market behavior, which suggests an impending drop in June that could mark the beginning of a recovery phase for altcoins.
Potential Impact of June on Altcoin Valuations:
Rekt Capital, a well-known analytics firm, predicted a bottom for altcoins in June based on recurring patterns observed in past market cycles. Although the market capitalization of smaller altcoins dropped by 21% last month, the yearly growth figures show strong growth, demonstrating a volatile but upward trajectory for the altcoin market.
This juxtaposition highlights the cyclical nature of cryptocurrency valuations and the potential for an impending growth following the drop predicted in June.
Bitcoin’s Impact on Altcoin Market Trends:
As blockchain consultant Alex Onufriychuk noted, the correlation between Bitcoin’s market performance and altcoin prices remains strong. The recent downturn in the US Bitcoin ETF has put downward pressure on Bitcoin, which in turn may cause altcoins to bottom out around June. This expected bottoming out may further extend the consolidation period before any significant recovery.
Prediction for the recovery of the altcoin market:
Influenced by the price action of Bitcoin, altcoin prices may bottom out in June.
A recovery in the altcoin market may require new liquidity and increased institutional interest.
Market sentiment and regulatory changes will play a crucial role in the timing and strength of the recovery.
In conclusion, while the altcoin market faces challenges in the near term, the overall outlook suggests a recovery is likely after June. qun 蟋薇:zy50871 Dependence on the trend of the Bitcoin market and new fund inflows remains critical. Investors and market observers are advised to watch for major changes in market dynamics during this period, which may determine the trend for the rest of the year.
