Cryptocurrency investors are eagerly awaiting a new bull run. However, for now there are no signs of a run on the horizon. According to Nansen’s chief research analyst, an altcoin bull run would first require Bitcoin to break out of its current range. Market analysts expect a local bottom dive for altcoins in June. Here they suggest that this will mark the beginning of the next altcoin bull cycle.
Analyst: Altcoins may bottom in June!
Popular crypto analyst Rekt Capital expects a local early June for altcoins, based on historical chart patterns. In this context, the analyst said, “Altcoins are following the plan perfectly. Altcoins hit bottom in early February. Alts sold off around BTC Halving. Altcoins will hit bottom at the beginning of summer.” says.
cryptokoin.comAs you follow from , the altcoin market took a big hit last month. The market cap of altcoins, excluding the top 10 cryptocurrencies, fell over 21% in the previous month. Thus, the market value decreased to 265 billion dollars.
Despite the monthly decline, the altcoin market cap is still up over 24% year-to-date (YTD). Moreover, altcoins are up over 167% in the past year. Altcoin sentiment has historically correlated with the Bitcoin price. According to Alex Onufriychuk, Blockchain consultant and coach at Qubic Labs Accelerator, altcoins could find local bottoms around June as market sentiment and Bitcoin price remain subdued due to reduced inflows into US spot Bitcoin ETFs. The analyst shares his assessment:
There is a possibility that they may find their local bottoms by June due to the lack of sufficient new liquidity from Bitcoin ETFs in the US and Hong Kong. This indicates that the consolidation period may be extended.
Nansen: Bitcoin breakout will ignite altcoin bull cycle!
Despite seeing a potential local bottom, an altcoin bull run would first require Bitcoin price to break out to the upside, according to Nansen chief research analyst Aurelie Barthere. In this regard, the analyst makes the following statement:
Altcoins are high beta cryptos. That’s why they do well when sentiment is very bullish. Since mid-March, sentiment among crypto investors has been less enthusiastic. While BTC price is consolidating around the 20-day exponential moving average, there is more volatility in altcoins. For altcoins to outperform, we need a breakout above and a clear resumption of the BTC uptrend.
BTC price has been trending lower since mid-March. However, many analysts say this is a period of healthy consolidation following the halving. Moreover, the charts point to a multi-month bull flag shaping up for all-time highs in late 2024. Meanwhile, the US M2 money supply turned positive year over year for the first time since November 2023. It is possible for altcoins to rise for this reason. It also signals that investors will soon start looking for inflation protection or alternative investments.
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