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Cryptocurrency News Articles
Altcoins Brace for Bullish Resurgence, Potential Bottom in June While Bitcoin Sets the Tone
May 10, 2024 at 05:58 pm
Market analysts anticipate the next altcoin bull run, with a potential local bottom for altcoins in early June. However, a significant altcoin rally is contingent on a breakout in Bitcoin's price. Bitcoin's 200-day moving average has recently surpassed $50,000, a bullish signal that could reinforce the uptrend. Despite bearish sentiments and short-term volatility, venture capital firm Pantera Capital remains optimistic, predicting a Bitcoin price peak of $117,000 in August 2025 based on Halving event analysis.
Altcoins Anticipate a Bullish Resurgence, with Potential Local Bottom in June
The cryptocurrency market is abuzz with anticipation for the next altcoin bull run, with market analysts predicting that the local bottom for altcoins could occur as early as June. However, for a significant altcoin rally to materialize, Bitcoin's price needs to break out to the upside.
Historical Patterns Suggest Altcoin Rebound
Crypto analyst Rekt Capital has observed historical chart patterns that suggest altcoins could find their local price bottom around the beginning of June. This would mark the commencement of the next altcoin bull cycle.
Market Cap Dynamics
Despite a 21% decline in the altcoin market cap (excluding the top 10 cryptocurrencies) over the past month, the market is still up 24% year-to-date and an impressive 167% over the past year.
Bitcoin Price: A Key Determinant
Altcoin sentiment is historically correlated with Bitcoin's price, and according to Aurelie Barthere, principal research analyst at Nansen, a significant altcoin bull run requires Bitcoin to break out to the upside.
Bitcoin's 200-Day Moving Average
Bitcoin's 200-day moving average (DMA) recently broke above $50,000 for the first time, a significant milestone that is widely regarded as a pivotal indicator delineating bull and bear market cycles.
Bitcoin Whales Accumulate Amidst Volatility
Despite Bitcoin's recent decline below $62,000, Bitcoin whales have intensified their accumulation. Santiment, an on-chain data provider, reports that BTC whales holding between 1,000 and 10,000 coins accumulated 15,121 BTC valued at $930 million between May 7th and 8th.
Bearish Pressures Linger
However, bearish sentiments remain significant, with Bitcoin recently crossing below its 20-day simple moving average (SMA), putting it at risk of a further decline in the short term.
Pantera Capital's Optimistic Forecast
Despite short-term volatility, venture capital firm Pantera Capital maintains a bullish outlook for Bitcoin's future price. In a recent investor letter, the firm presented its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally.
Bitcoin Halving Events and Price Correlation
Pantera Capital highlights the correlation between Halving events and BTC's price. The firm asserts that if demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price.
Long-Term Projections: BTC Peak at $117,000
Based on the average duration of previous rallies, Pantera Capital forecasts that BTC's price will peak at $117,000 in August 2025.
Conclusion: Interplay between Bitcoin and Altcoins
While altcoins may find their local bottom in June, a significant bull run will likely necessitate a breakout in Bitcoin's price. Despite short-term volatility and bearish sentiments, long-term projections for Bitcoin's price remain bullish, with Pantera Capital predicting a peak of $117,000 by August 2025.
As the cryptocurrency market continues to evolve, investors and enthusiasts alike will be closely monitoring the interplay between Bitcoin and altcoins, as well as the impact of fundamental factors such as institutional investment and regulatory developments.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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