A cryptocurrency analyst on TradingView predicts that altcoins will reach their bottom in early summer before a bull run. This optimistic outlook suggests that it may be a good time to consider investing in alternative cryptocurrencies as they prepare for potential growth in the upcoming months. Stay tuned for more updates on the volatile crypto Market.
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The cryptocurrency Market, aside from Bitcoin (BTCUSD), could be reaching a local bottom in June, hinting at the potential start of the next altcoin bull cycle, as per Market analysts.
Popular crypto analyst Rekt Capital believes that based on historical chart patterns, altcoins may hit their local price bottom around early June. Altcoins experienced a significant sell-off around the Bitcoin halving event, but could see a rebound in the coming weeks.
Despite a recent downturn in the altcoin Market, the overall Market cap of altcoins, excluding the top 10 cryptocurrencies, is still up by 24% year-to-date and 167% over the past year. Altcoin sentiment often mirrors Bitcoin price movements, and with declining inflows from U.S. spot Bitcoin exchange-traded funds, altcoins could find support around June.
However, according to blockchain advisor Alex Onufriychuk, for a sustainable altcoin rally to occur, there needs to be increased retail and institutional investment, along with favorable regulatory developments. Altcoin prices are closely tied to Bitcoin’s performance, and a breakout in Bitcoin’s price trajectory could ignite an altcoin bull cycle.
While altcoin sentiment seems to be on the verge of a turnaround, analysts suggest that a clear breakout in Bitcoin’s price is needed for altcoins to outperform. Many believe that Bitcoin is currently in a consolidation phase after the halving event and could be gearing up for new all-time highs later this year.
Moreover, the M2 money supply turning positive year-over-year for the first time since November could attract investors to seek alternative investments, including altcoins. As the money supply increases in the U.S., part of it could flow into altcoins, signaling the beginning of the “altszn.”
In conclusion, while altcoins may find a local bottom in June, investors should conduct their own research and consider the risks involved in cryptocurrency investments. This article does not provide specific investment advice but highlights the current Market trends and potential opportunities in the crypto space.
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1. When will altcoins hit their bottom before the bull run?
Analysts predict that altcoins will bottom in early summer before the bull run begins.
2. What is the significance of altcoins hitting bottom before a bull run?
Altcoins hitting bottom signals a potential upward trend in their value, making it a good opportunity for investors to buy low before prices start to rise.
3. How can I take advantage of altcoins bottoming out before the bull run?
Investors can consider buying altcoins at their lowest point in early summer to potentially capitalize on the upcoming bullish Market.
4. Should I sell my altcoins now or wait for the bottom before the bull run?
It may be beneficial to hold onto your altcoins and wait for them to hit bottom before the bull run, as selling prematurely could mean missing out on potential profits in the future.
5. What factors could impact the timing of altcoins bottoming out before the bull run?
Various factors such as Market sentiment, regulatory developments, and overall Market conditions can influence when altcoins will reach their bottom before the bull run begins.
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