Prominent Analyst Predicts Major Drop for Altcoins: Implications for Crypto Market

  • According to Nansen’s head research analyst, sharp declines need to occur for us to expect a bull run in altcoins.
  • Market analysts suggest that the cryptocurrency market could find its local bottom in June, which could signal the start of the next altcoin bull cycle.
  • Despite potential local lows, a bull run for altcoins will first require an upward breakout in Bitcoin price.

Explore the potential for a bull run in altcoins, the role of Bitcoin’s price, and the predictions for the cryptocurrency market in 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. The market value of altcoins, excluding the top 10 cryptocurrencies, fell over 21% from the previous month to $265 billion. Despite the monthly decline, the altcoin market value is still up over 24% since the beginning of the year and up over 167% from last year.

“Bitcoin’s Rise Will Trigger Altcoin Bull Season!”

Nansen’s head research analyst Aurelie Barthere told Cointelegraph: “Altcoins are high beta cryptos and 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 this is a healthy consolidation period after the halving. Moreover, charts signal a few months’ bull flag shaping for ATH.

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.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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