The chief research analyst of Nansen analysis firm states that Bitcoin must exceed the current price range and this is important for altcoins to enter the bull period. It is emphasized that the crypto market may decline in June and this may signal the beginning of a new altcoin era.
Analysis Based on Historical Data and Current Situation
According to Rekt Capital, altcoins are currently approaching lower price points similar to past chart patterns. The altcoin market has historically bottomed in February and may drop again in the summer. However, since the beginning of this year, the total altcoin market cap has increased by 24% and has grown by 167% compared to the same period last year.
Bitcoin's Impact on the Altcoin Market
There is a strong relationship between the altcoin market and Bitcoin. Global economic factors and declines in Bitcoin ETFs continue to keep Bitcoin prices under pressure. This means that altcoins may find their bottoms in June.
Potentials to Revitalize the Altcoin Market
For altcoins to enter a bull run, Bitcoin's price must rise. Aurelie Barthere states that altcoins are successful in periods when market demand increases. Alex Onurfriychuk, however, does not guarantee that a bull run will begin immediately from a local bottom. A successful recovery requires increased investment and positive regulatory changes.
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