As BTC broke above the key level, money started flowing into altcoins. Many altcoins rallied nearly 40% from the support level. Many factors, especially the ETH/BTC chart, signaled a major altcoin rally. So what factors should be considered during the bull season? Here are analysts’ predictions for a possible altcoin rally:
1- BTC's Rise Is The Decisive Factor In Altcoin's Recovery
“To track the altcoin rally, we need to see Bitcoin rally. Especially above $65,000, sustainability is a must. BTC could target a top if it stays above this level. “When the leading crypto reaches a top, the bullish movement in crypto will also be stronger.”
2- Altcoin Market Value Is On The Brink Of Breaking Out
“TOTAL3, known as the altcoin market capitalization, has formed its first peak since June last year. This development creates bullish expectations for altcoins. TOTAL3, currently at the bottom of the falling channel, could trigger a breakout of the cryptocurrency.”
3- The Growing Importance of Macroeconomic Data
“The crypto market has responded positively to the US Federal Reserve’s 50 basis point interest rate cut. On the other hand, China, which provides about 1 trillion yuan ($141.7 billion) in liquidity to the economy, is also leading the way. “Both factors increase liquidity, which is a positive signal for Bitcoin and the altcoin market.”
4- Bitcoin Lagging Behind S&P
“If Bitcoin catches up with the current rally in stocks, we could see a move to $81,000. This would pave the way for a major crypto rally. The S&P rally in particular could spark a boom for Bitcoin. The S&P 500 is currently trading 9% above its yearly high. BTC is still behind, 11% below its yearly high ($74,000).”
5- Chinese Economic Calendar
“Another thing is that China is trying to revive its economy. China looks like it will inject a significant amount of money into the market. This development could bring about a surge in Bitcoin. “The Chinese central bank is preparing to unleash a significant wave of liquidity into the global market.”
