InvestingScope, a reputable crypto analyst, has recently highlighted a significant market event suggesting that an altcoin season may be on the horizon. The analyst also conjectured the potential heights that the cryptocurrency market could achieve as altcoins begin to outshine Bitcoin.
In a post on TradingView, InvestingScope pointed out that altcoins have formed a 1-day Golden Cross, the first since just after the US presidential elections. The following rally led to new peaks for these altcoins, hinting at another possible altcoin season. According to the analyst, the total cryptocurrency market could hit the $4.03 trillion threshold during this rally.
InvestingScope noted that this is the fourth 1-day Golden Cross since the Bear Cycle low. Past trends show that the market has surged by at least 73% around such formations. Therefore, the current crypto market cap, valued at $3.39 trillion, could potentially reach $4 trillion amidst this altcoin rally.
Recent Bitcoin gains have once again been followed by a rally in altcoins. Ethereum’s price touched $2,900, nearing the significant $3,000 mark. Simultaneously, Solana’s price reached $170, its highest in the past 90 days. These trends, led by the major altcoins, have fueled optimism about the impending altcoin season.
Bloomberg’s Eric Balchunas advised investors to brace up for a potential Altcoin ETF summer, with Solana potentially leading the charge. This development could act as a catalyst for the altcoin season, especially as the SEC has been urging issuers to update their S-1 filings.
Furthermore, Ethereum ETFs witnessed a four-month high in inflows, with $240 million pouring in on June 11. Steady inflows were observed over 18 consecutive days, indicating a growing optimism about the SEC’s approval for staking these funds. Ethereum’s price typically leads the way, suggesting another catalyst for the altcoin season.
Market expert Paul Barron, in a separate post, suggested that an ETH/BTC breakout is imminent, which could set the stage for the altcoin season. Barron asserted that the altcoin season could be a game-changer, and the ETH/BTC breakout appears “committed”. With market sentiment up by 2.8%, Barron believes Ethereum will lead the pack.
Another crypto analyst, Mikybull Crypto, also supports the notion of Ethereum leading the altcoin season. In a recent analysis, he stated that from a technical perspective, Ethereum appears strong at its current levels and that the $2,800 resistance level needs to be overcome before a rally to a new high of $3,900. He further stated that Ethereum tends to perform well around the cycle’s peak.
