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Crypto analyst InvestingScope has drawn market participants’ attention to a major occurrence that hints at an imminent altcoin season. The analyst also revealed how high the crypto market could reach as altcoins outperform Bitcoin during this period.
Altcoin Season May Be Imminent As Golden Cross Flashes
In a TradingView post, InvestingScope revealed that altcoins have made a 1-day Golden Cross, the first since just right after the US elections. He noted that the rally that followed made new highs for these altcoins, indicating that another altcoin season may be on the horizon. The analyst also predicted that the total crypto market can reach at least $4.03 trillion on this rally.
He noted that since the Bear Cycle bottom, this is the fourth 1-day Golden Cross and that the minimum the market has surged around such a formation was just over 73%. As such, the crypto market cap, currently valued at $3.39 trillion, can reach the $4 trillion target during this altcoin season rally.
Altcoins have again rallied following the recent Bitcoin run close to its all-time high (ATH). The Ethereum price hit $2,900, coming close to the psychological $3,000 level. Additionally, the Solana price also hit $170, its highest level over the last 90 days. With two of the top major altcoins making these runs, this has further fueled optimism that altcoin season may be around the corner.
Bloomberg analyst Eric Balchunas told investors to get ready for a potential Altcoin ETF summer with Solana likely leading the way. This development could be the catalyst that sparks the altcoin season, with the SEC already asking issuers to amend their S-1 filings.
Meanwhile, the Ethereum ETFs just hit a four-month high of inflows, with $240 million flowing into these funds on June 11. These funds have also witnessed 18 consecutive days of inflows as optimism grows about the SEC approving staking for these funds. This could be another catalyst for altcoin season as the Ethereum price usually leads the way.
ETH/BTC Breakout Is Imminent
In an X post, market expert Paul Barron indicated that the ETH/BTC breakout was imminent, a development which would usher in the altcoin season. He declared that Altseason is preparing for a face-melter and that the ETH/BTC breakout is “committed”. The expert added that with market sentiment up 2.8%, ETH will be the leader.
Crypto analyst Mikybull Crypto has also made a case for Ethereum to lead the altcoin season. In a recent analysis, he stated that from a technical perspective, ETH is looking solid at its current levels. The analyst claimed that $2,800 is the next resistance to clear out before a rally to a new high of $3,900. He added that Ethereum usually performs well near the peak of the cycle.
Featured image from Getty Images, chart from Tradingview.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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