- According to Nansen’s head research analyst, sharp declines are necessary for a bull run in altcoins.
- Market analysts believe the cryptocurrency market could find its local bottom in June, signaling the start of the next altcoin bull cycle.
- Despite potential signs of a local bottom, a bull run for altcoins will require a significant uptick in Bitcoin prices.
Explore the potential for a bull run in altcoins, the role of Bitcoin in triggering this surge, and the market predictions for June.
Attention to June in Cryptocurrencies!
Popular crypto analyst Rekt Capital, in a post dated May 8, described the scenario that could await altcoins in June based on historical chart models. The altcoin market is following the plan perfectly. Altcoins bottomed out at the beginning of February. Altcoins were sold around the BTC halving. They will hit bottom at the beginning of summer.
Altcoin Market Takes a Hit
The altcoin market took a hit last month. Excluding the top 10 cryptocurrencies, the market value of altcoins dropped over 21% to $265 billion compared to the previous month. Despite the monthly drop, the altcoin market value is still up over 24% since the start of the year and over 167% from last year.
“Bitcoin’s rise will trigger the altcoin bull!”
Aurelie Barthere, head research analyst at Nansen, told Cointelegraph that despite a potential local bottom, a bull run for altcoins will first require an upward breakout in Bitcoin prices. Altcoins are high beta cryptos and they succeed when FOMO is felt. Since mid-March, the level of FOMO among crypto investors has been quite low. As the BTC price consolidates around the 20-day Exponential Moving Average (EMA), there is more upside potential. We need an upward breakout and a clear resumption of the BTC uptrend for altcoins to perform better.
Bitcoin Price Records Low Levels
The BTC price has been recording low levels since mid-March. However, many analysts argue that this is a healthy consolidation period after the halving. Moreover, the charts signal a few months of a bull flag shaping for ATH. The turbulent cryptocurrency market is highlighted with analysts’ evaluations. The price moves of altcoins, which did not deliver much after the halving, are eagerly awaited.
Conclusion
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making decisions.
