Altcoin Market Poised for Explosive Rally, Analysts Say

Buckle up, crypto enthusiasts – the altcoin market might be on the cusp of a major upswing, according to analysts closely watching key

Written by: Arslan Butt • Monday, May 13, 2024 • 2 min read

• Last updated: Monday, May 13, 2024

Altcoin Market Poised for Explosive Rally, Analysts Say

Buckle up, crypto enthusiasts – the altcoin market might be on the cusp of a major upswing, according to analysts closely watching key technical indicators.

Disbelief Before Boom?

Experts point to the “disbelief stage” as a potential precursor to a surge. Crypto analyst Mikybull Crypto highlights this sentiment, noting a significant drop in the Fear and Greed Index despite positive market signals.

Market Indicators in Focus

Three key indicators are being monitored for confirmation: 20-day exponential moving average (EMA), stochastic RSI, and Bitcoin dominance. A retest of the EMA20 by the total altcoin market cap, alongside a bullish crossover on the stochastic RSI, could trigger a rally, suggests pseudonymous analyst Titan of Crypto.

Bitcoin’s Bottom and Beyond

Bitcoin itself is also attracting attention. Some analysts believe it’s nearing its local bottom, citing historical patterns from the 2016 halving event. Rekt Capital, a prominent crypto commentator, points to a potential price range for the bottom and a historical reference for a 48% surge after a similar retracement phase.

Ambitious Bitcoin Price Prediction

Analyst Timothy Peterson offers a bolder prediction, suggesting a sixfold increase for Bitcoin by early 2025 based on adoption trends and historical drawdowns. His estimated peak range sits between $175,000 and $350,000.

BTC/USD Technical Indicators Offer Support

The daily 100 moving average, a key long-term indicator, suggests Bitcoin might be hovering around its local bottom, according to Daan Crypto. They draw parallels to a similar formation that preceded a 32% price increase.

Ethereum’s Potential Pivot Point

Crypto strategist Michaël van de Poppe predicts a significant trend shift for Ethereum (ETH) soon. While he doesn’t expect approval for spot ETH ETFs, he believes the SEC’s decision on pending applications could be a turning point for the altcoin market.

While the overall sentiment leans bullish, analysts like Daan Crypto urge caution, emphasizing the need for bulls to take action to solidify the support level.