News
Cryptocurrency market on pause? Analyst Says Altcoin Season Could Be Months Away!
In the midst of a seemingly calm crypto landscape, there is anticipation for potential storms on the horizon. Bitcoin (BTC) has recently surged, briefly breaking above the $63,000 mark before settling around $62,000 on Wednesday.
All eyes are now on the altcoin arena, poised for increased volatility as the US Bureau of Labor Statistics prepares to release its highly anticipated Consumer Price Index (CPI) report.
However, the real kicker awaits with the upcoming final review by the U.S. Securities and Exchange Commission (SEC) regarding Spot ETF on Ethereum applications.
This pivotal moment has profound implications for the broader cryptocurrency landscape, particularly given the similarity of operational frameworks shared by many altcoins with Ethereum.
Here’s what to expect.
Is altcoin season upon us?
Despite the suspense, the cryptocurrency market remains anchored at a robust support level of approximately $2.4 trillion in total market capitalization. An air of anticipation prevails as most altcoins adopt a stance that suggests impending bullish momentum, characterized by the formation of reversal patterns.
The ongoing short squeeze frenzy surrounding GameStop Corp (GME) shares has had a ripple effect, igniting a new wave of interest in meme coins and sparking hope for a broader altcoin resurgence.
Analyst Insights: Patience is the key
In the midst of this fervor, eminent crypto analyst, The Wolf Of All Streets, offers a sobering perspective. While acknowledging the recent rumors, the analyst warns 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 emerges 4-6 months after the halving, with a note of caution in assuming the story will turn. will repeat seamlessly.
“Bitcoin has dominated this cycle, outside of small pumps in select sectors. Memes have gone crazy, but it’s typically a temporary coin-to-coin spin, so few people benefit from it. The real action usually starts 4-6 months AFTER the halving, although history may not repeat itself,”
Keep up with the times! Follow us for the latest cryptocurrency news and analysis.
Also check: Robinhood Launches Solana Staking for Europe: Earn While You Hold!