Crypto Analysts Bullish on Altcoins as Bitcoin Halving Approaches
Seasoned crypto analyst Gert Van Langen is bullish on altcoins and predicts the Altcoin season will soon begin. Van Langen saidaltcoins successfully retested the 0.618 Fibonacci level this week.
Also, other top crypto analysts confirm the bullish sentiment for altcoins and predict that they will rally in the coming weeks.
Top Crypto Analysts Predict Cumulative Market Cap Value of $2.3 TrillionAltseason starts.
Strong successful retest of the 0.618 fib level this week.
I see alts cumulatively reach a 2.3 trillion market cap at the 1.618 bear market extension, while $BTC runs for ~4 trillion at $200k.
All within weeks from now. pic.twitter.com/5w8J8pxuFs
- Gert van Lagen (@GertvanLagen) March 20, 2024
According to Van Lagen's analysis, the altcoin season will begin in a few weeks and reach a cumulative market cap value of $2.3 trillion. He also believes that if the altcoins rally at the 1.618 fib level, Bitcoin will rise to an approximate market cap value of $4 trillion and a price range of $200,000.
Another top crypto analyst and trader, el_crypto_prof, shares this bullish sentiment. According to the analyst, some people believe the bull market has ended when it has not even started. He highlighted a Golden Cross on the monthly altcoin chart, which is a strong bullish signal.
Additionally, he noted that the Relative Strength Index (RSI) indicator is not yet above 70. Hence, altcoin prices will likely increase in the coming weeks.
Some people are calling the end of the bull market even though it hasn't really started yet lol.
-Golden Cross of the Gooner EMA (monthly chart of Altcoins) finally happened recently
-RSI is not even >70.Oh boy, it goes so much higher imo. pic.twitter.com/5YWjdAIvJy
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(@el_crypto_prof) March 20, 2024
Furthermore, el_crypto_prof stated that many traders will make life-changing money in the coming months; he said this will be the most giantcrypto bull run since 2017, and all dips are potential buying opportunities.
I can't say it often enough:
In the coming months, many will make life chaning money imo. Biggest wave since 2017 is probably coming.
I've more or less nailed the bottom, now it's my job to identify the top.
All dips will be buying opportunities imo.
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Meanwhile, another top analyst and chartist, Ali Charts, used Solana as a case study to support the altcoins season theory.
According to Ali, the sell signal on the Solana daily chart has been reversed, which hints at a bullish outlook for SOL. Therefore, he foresees a repeat of SOL's historical price performance in December 2023 when it reversed the sell signal and rallied up to 70%.
What is Supporting the Altcoin Rally?According to a post on X by EarnBIT, cryptocurrencies are currently in a wild rally ignited by the spot Bitcoin ETF inflows.
Also, speculation of a possible approval for Ether ETFs in May 2024 is boosting the altcoins' performance. Additionally, new altcoins are being launched in the market, and they have utility in different fields.
According to el_crypto_prof, one of the most potent narratives in the crypto space is Artificial Intelligence (AI), and several projects have promoted this technology. Furthermore, the Federal Reserve's recent policy meeting, in which they decided to maintain current interest rates, favored Bitcoin and the altcoins.
The altcoins are beginning to rally again after a sharp decline in the crypto market in the past week. According to another famous analyst, The Wolf of All Streets, the crypto market is rebounding, and the bottom of the rally has been discovered.
This means the altcoins will continue to rally and form higher lows on the chart.
Despite the overall bullish outlook for altcoins, there is speculation in the market that the Ethereum Foundation is under investigation by an unnamed state authority. If these reports are eventually confirmed, it could lead to FUD in the market, which might affect prices.
However, the crypto market remains relatively stable for Bitcoin and the altcoins.
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