A well-known cryptocurrency analyst on X has flagged key developments involving Bitcoin and Ethereum, the top two cryptocurrencies.
A well-known cryptocurrency analyst has shared his latest thoughts on Bitcoin and Ethereum, discussing consolidation, lower price level entries, and the potential for an altcoin season.
In his latest analysis, the analyst noted that Bitcoin’s recent behavior is still showing consolidation, which he said is making the lower price levels ideal zones for bullish traders to enter the market.
At the same time, he pointed out that Ethereum is making a bullish “momentum switch,” outperforming Bitcoin. According to the analyst, this is a very positive sign for the altcoin market, and it’s something he hasn’t seen in years.
To illustrate his point, the analyst also shared a screenshot of Bitcoin’s daily price chart, highlighting these “ideal zones” for entry. These zones fall within Bitcoin’s established support region from December 2024, specifically the price range between $87,000 and $91,500.
A quick look at the chart shows that Bitcoin has not broken below this level despite several attempts. However, if BTC were to break below this entry zone, the analyst warned that it could be a bearish signal, potentially leading to a price drop to $71,000.
Crucially, the analyst also observed Ethereum making a bullish move against Bitcoin just within the last 24 hours.
The ETH/BTC daily chart on TradingView shows the pair bouncing off a mid-term upward trendline, maintaining bullish momentum for the past two weeks. If this trend continues, it could indeed kickstart a bullish period for altcoins and potentially reverse the bearish sentiment that has dominated the crypto market since mid-January 2025.
It’s worth noting that the altcoin market has been under pressure since mid-January. The total altcoin market cap reached a peak of $1.56 trillion on January 18 before plummeting to a yearly low of $1 trillion on February 3. While there has been a partial recovery, the altcoins’ market cap currently sits at $1.21 trillion, with investors hoping an altcoin season will trigger a full rebound.
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