Leading cryptocurrency analysts are signaling that Bitcoin (BTC) and Ethereum (ETH) are on the verge of a major breakout that could ignite a broader altcoin rally. The analyst known as Crypto Nova on X stated that both Bitcoin and Ethereum are on the cusp of another breakout, and it “will change everything!”
According to Crypto Nova, while Bitcoin and Ethereum have shown positive price momentum in recent weeks, altcoins have not followed the same upward trajectory. Many altcoins have remained rangebound or even appeared “lifeless.” However, Nova believes this is only temporary and could change drastically once BTC and ETH surpass critical resistance levels.
Nova expects the altcoin market to regain confidence and start rallying once Bitcoin breaks above the $70,000 to $73,000 range, accompanied by Ethereum moving above $4,000. At that point, the analyst anticipates the market will experience multiple days and weeks of green candles, drawing investors back into the altcoin space.
Historic Precedent for Altcoin Rallies
Crypto Nova cited the October 2023 “miniature altseason” as an example of how altcoins tend to lag Bitcoin and Ethereum until the broader market regains confidence through sustained upward price action. The analyst explained that altcoins often remain stagnant or appear uncertain until the top cryptocurrencies break out of their trading ranges and establish new local highs.
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According to Crypto Nova, Bitcoin and altcoins do not always move in tandem, as altcoins tend to react more emotionally to market conditions. During periods of fear and uncertainty, altcoins are often ignored by investors until confidence returns to the market.
When to Expect Bitcoin’s Cycle Peak
While Bitcoin and Ethereum appear poised for a breakout that could catalyze an altcoin rally, the question of when the current cycle will peak remains a topic of discussion. The X user known as Mags, or @thescalpingpro, shared insights suggesting that Bitcoin’s cycle tops have historically coincided with the monthly Relative Strength Index (RSI) hitting extreme overbought levels above 90.
Mags noted that in the current cycle, the monthly RSI for Bitcoin has reached 77 but has not yet entered the extreme overbought zone. This situation is reminiscent of the 2016 cycle, when the RSI initially got rejected at 79 before Bitcoin’s price went sideways for a few weeks near the all-time high. Subsequently, the RSI climbed to 96, marking the cycle’s top.
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The post Bitcoin and Ethereum (ETH) on the Verge of Breakout That ‘Will Change Everything’: Indicator Reveals When BTC Price Will Peak appeared first on CaptainAltcoin.
