While unpleasant, bear markets are part of the market cycle and are not unique to crypto. These periods offer the best prices to the investors. Bears have been lurking in the cryptocurrency market for over two years. So when will this change? When is the next altcoin bull? Here are the dates and forecasts…
These dates are expected for the next altcoin bull
The crypto market has been showing different trends over the past few weeks as altcoins show less dependency on Bitcoin. Ethereum, XRP, Litecoin etc. most projects are poised to overcome their critical resilience.
In particular, projects like Litecoin are displaying the hype surrounding the halving event and the newly launched LRC-20 standard. Also, a positive outcome in the Ripple and SEC case is among the expectations. Therefore, XRP has gained significant value recently. However, Ethereum is largely seen as the most consistent crypto with massive bullish momentum.
On the timing of the next altcoin bull, crypto analyst Captain Faibik shared a number of key catalysts. According to the analyst, if BTC price continues to hover in the $26,000 to $30,000 range and its dominance fails to break past the critical 48% resistance, then altcoins could start to rally.
On the other hand, popular crypto analyst Michael van de Poppe also says that current levels are a good time to accumulate. According to Poppe, “It is time to save up for altcoins. A year before the (Bitcoin) halving, it’s time to buy these positions.”
Michael van de Poppe says altcoins will explode before BTC halving
Alongside his explanations above, Van de Poppe shared his historical analysis of the dominance of altcoins. According to his estimation, he identified key areas in 2016 where the altcoin price reaction before Bitcoin halving went.
According to the analyst, multiple cryptocurrency projects could attract investors. This will lead to an increase in the market cap dominance of altcoins.
Reaction expected after Bitcoin halving
Altcoins are taking important steps in the crypto market and their dominance is increasing. Over the past year, we have seen the dominance of altcoins such as Ethereum, BNB, Dogecoin, and Cardano increase significantly.
In the past, altcoins tended to outperform Bitcoin in the year following a halving. This is because investors often look for alternative investment opportunities when the price of Bitcoin gets too high.
When will Bitcoin take the stage?
The leading crypto has shown unyielding resistance as it continues to defy market expectations. According to analysis by Ivan Liljeqvist of Ivan on Tech, as long as BTC stays above $23,000, its chances for $29,000 increase.
“If we go to $29k, the override scenario kicks in,” Ivan says. The breakout target in this scenario is around $34,000 and there is a strong pump possibility to the resistance area. This area is an important resistance area that we target with a breakout if the head and shoulders pattern is invalidated.
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