Altcoins
Analyst predicts altcoin rally as Ethereum (ETH) targets $15,000 in current bull cycle
Analyst predicts altcoin rally as Ethereum (ETH) targets $15,000 in current bull cycle
2024-06-09 13:35:24 ET
An analyst at Crypto Banter’s Sniper Trading Show said that the altcoin’s rally phase is approaching.
Typically, this rally occurs towards the end of the bull cycle, indicating significant upside potential in the near future.
Altcoin market sentiment: still in disbelief
The analyst pointed out that altcoins have not yet entered the “Hope” phase of the market cycle, remaining in a phase of disbelief.
This phase often precedes significant rallies, suggesting that an altcoin surge could be imminent.
Historically, altcoins rally during the latter stages of the bull cycle, potentially providing substantial returns for investors.
Ethereum Analysis and Price Targets
Focusing on Ethereum, the analyst highlighted that it is currently at the top around 3.68 (Fibonacci levels), correlating with the previous high of $4,900. Using Fibonacci levels from top to bottom provides the levels needed for analysis.
When Ethereum exceeds these levels, it indicates the next move. If it fails to break through, it usually returns to the previous level, showing buyback zones in case of profit taking.
The analyst set ambitious targets for Ethereum at $7,000, $11,000, and $15,000.
He believes that if this is a true bull run, Ethereum should reach the 3.618 Fibonacci level, a trend seen in every previous bull market.
Therefore, he is setting himself up for a potential maximum of $15,000, with intermediate targets of $7,000 and $11,000.
At the time of writing, ETH is trading at $3,696, up 0.4% in the last 24 hours on CoinMarketCap.
Market cap concerns and valuation warnings
Despite the optimistic targets, the analyst issued a note of caution regarding the cryptocurrency market.
He warned that while many cryptocurrencies have reached a billion-dollar market cap, the real value could be only a fraction of that, around $300 million.
This gap arises from the euphoria and excitement in the market, which often leads to inflated prices.
Preparing for the altcoin rally
While altcoins remain in the disbelief stage, investors could see significant opportunities as the market moves into the hope and optimism stages.
The analyst’s insights suggest that the current period could be ideal for strategic investments in altcoins ahead of the expected rally.
Ethereum’s projected growth, with targets set at $7,000, $11,000, and $15,000, further supports the bullish sentiment.
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Analyst predicts altcoin rally as Ethereum (ETH) targets $15,000 in current bull cycle
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