Altcoins
Crypto market on pause? Analyst Says Altcoin Season Could Be Months Away!
Amid a seemingly calm crypto landscape, anticipation of potential storms on the horizon is brewing. Bitcoin (BTC) has surged recently, briefly surpassing the $63,000 mark before settling around $62,000 on Wednesday.
All eyes are now on the altcoin arena, poised for a surge in volatility as the U.S. Bureau of Labor Statistics prepares to release its highly anticipated Consumer Price Index report (CPI).
However, the real thunderclap awaits us with the imminence of the final examination by the United States Securities and Exchange Commission (SEC) concerning Ethereum Spot ETF applications.
This pivotal moment has profound implications for the broader cryptocurrency landscape, especially given the resemblance of operational frameworks shared by many altcoins to Ethereum.
Here’s what to expect.
Altcoin season is fast approaching?
Despite the suspense, the crypto market remains anchored by a robust support level of around $2.4 trillion in total market capitalization. An air of anticipation prevails as most altcoins take a position suggesting imminent bullish momentum, marked by the formation of reversal patterns.
The current short-selling frenzy around GameStop Corp (GME) shares has had a ripple effect, sparking new interest in meme coins and raising hopes for a broader altcoin resurgence.
Analyst Outlook: Patience is Key
Amidst this fervor, prominent crypto analyst The Wolf Of All Streets offers a sobering perspective. While acknowledging the recent buzz, the analyst cautions that the real action could come several months from now.
Highlighting Bitcoin’s dominant role in shaping market cycles over the past year, the analyst suggests that real momentum typically appears 4-6 months after the halving, with a caution against assumption that history will repeat itself seamlessly.
“Bitcoin has dominated this cycle, apart from small pumps in certain sectors. The memes have gone crazy, but it’s usually a temporary rotation from room to room, so not many people take advantage of it. The real action usually begins 4-6 months AFTER the halving, although history may not repeat itself. »
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