{"id":601051,"date":"2024-04-02T17:30:03","date_gmt":"2024-04-02T17:30:03","guid":{"rendered":"https:\/\/wncen.com\/?p=601051"},"modified":"2024-06-11T07:56:29","modified_gmt":"2024-06-11T07:56:29","slug":"ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish\/","title":{"rendered":"Ethereum And Altcoins Crash: Why Is This Analyst Super Bullish?"},"content":{"rendered":"

Altcoins like Ethereum, Cardano, Solana, and the rest might be lower at spot rates. However, according to one analyst who sees a parallel in the current formation to the 2020 market cycle, they are gearing up for a potential surge.\u00a0<\/span><\/p>\n

In a post on X, the analyst says<\/a> that often, after a period of accumulation and a retest of previous highs, altcoins tend to be volatile. The crypto analyst also notes that Bitcoin has pulled back from its all-time highs and is preparing for a possible retest of this level registered in March.\u00a0<\/span><\/p>\n

\"Bitcoin
Bitcoin accumulating | Source: Analyst on X<\/figcaption><\/figure>\n

Though altcoins have been decimated, looking at price action in the past 24 hours, altcoins are on a bullish path, similar to the last cycle registered in 2020. The analyst says Bitcoin will catalyze the altcoin swing to fresh levels and valuations.<\/span><\/p>\n

Will Altcoins Repeat The 2020 Cycle?<\/span><\/h2>\n

For now, it is hard to predict the exact valuation of top altcoins. However, the analyst notes a similar formation in the current price action.\u00a0<\/span><\/p>\n

Related Reading: Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving<\/a><\/div>\n

When altcoins consolidated after surging, prices tended to recover strongly. This spike was evident, especially once Bitcoin broke through critical liquidation levels and entered “price discovery” or fresh all-time highs.\u00a0<\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/figcaption><\/figure>\n

Currently, Bitcoin is in this position. The coin is trading lower and cooling off from all-time highs. Even after higher highs last week, bulls didn’t break the $71,700 level in the daily chart. With BTC collapsing, altcoins also fell, with Ethereum, Solana, and top coins slipping below support levels.\u00a0<\/span><\/p>\n

Will Ethereum And Other Altcoins Bounce Back Strongly?<\/span><\/h2>\n

The altcoin season might come earlier this time, especially once Bitcoin recovers. Possible triggers include the upcoming Bitcoin halving event. Analysts claim that halving will likely create a supply crisis, causing scarcity. If institutions funnel the same demand level, BTC will likely rip higher, breaking $71,700 and even $73,800 all-time highs.<\/span><\/p>\n

Beyond this, upcoming network upgrades in Ethereum, like the recently mentioned “Purge” and Firedancer integration in Solana, might trigger demand. Developers are working towards Voltaire in Cardano. All these changes plan to make the top smart contracts platform more reliable and enhance performance.\u00a0<\/span><\/p>\n

Related Reading: Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down?<\/a><\/div>\n

Besides network upgrades, analysts are considering the possible approval of spot Ethereum exchange-traded funds (ETFs). If the United States Securities and Exchange Commission (SEC<\/a>) approves this product, ETH might benefit by lifting others. It might also accelerate the drafting of fitting laws, especially now that BlackRock thinks tokenization and real-world assets (RWAs) are the future of finance.\u00a0<\/span><\/p>\n

Feature image from Shutterstock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Altcoins like Ethereum, Cardano, Solana, and the rest might be lower at spot rates. However, according to one analyst who sees a parallel in the current formation to the 2020 market cycle, they are gearing up for a potential surge.\u00a0 In a post on X, the analyst says that often, after a period of accumulation and a retest of previous highs, altcoins tend to be volatile. The crypto analyst also notes that Bitcoin has pulled back from its all-time highs and is preparing for a possible retest of this level registered in March.\u00a0 Though altcoins have been decimated, looking at price action in the past 24 hours, altcoins are on a bullish path, similar to the last cycle registered in 2020. The analyst says Bitcoin will catalyze the altcoin swing to fresh levels and valuations. Will Altcoins Repeat The 2020 Cycle? For now, it is hard to predict the exact valuation of top altcoins. However, the analyst notes a similar formation in the current price action.\u00a0 Related Reading: Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving When altcoins consolidated after surging, prices tended to recover strongly. This spike was evident, especially once Bitcoin broke through critical liquidation levels and entered “price discovery” or fresh all-time highs.\u00a0 Currently, Bitcoin is in this position. The coin is trading lower and cooling off from all-time highs. Even after higher highs last week, bulls didn’t break the $71,700 level in the daily chart. With BTC collapsing, altcoins also fell, with Ethereum, Solana, and top coins slipping below support levels.\u00a0 Will Ethereum And Other Altcoins Bounce Back Strongly? The altcoin season might come earlier this time, especially once Bitcoin recovers. Possible triggers include the upcoming Bitcoin halving event. Analysts claim that halving will likely create a supply crisis, causing scarcity. If institutions funnel the same demand level, BTC will likely rip higher, breaking $71,700 and even $73,800 all-time highs. Beyond this, upcoming network upgrades in Ethereum, like the recently mentioned “Purge” and Firedancer integration in Solana, might trigger demand. Developers are working towards Voltaire in Cardano. All these changes plan to make the top smart contracts platform more reliable and enhance performance.\u00a0 Related Reading: Tether Buys 8,888 Bitcoin For $618 Million, But Why Is Price Down? Besides network upgrades, analysts are considering the possible approval of spot Ethereum exchange-traded funds (ETFs). If the United States Securities and Exchange Commission (SEC) approves this product, ETH might benefit by lifting others. It might also accelerate the drafting of fitting laws, especially now that BlackRock thinks tokenization and real-world assets (RWAs) are the future of finance.\u00a0 Feature image from Shutterstock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":563286,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,428,679,1946,6931,83626,85361,91198],"class_list":["post-601051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-bitcoin-price","tag-ethereum","tag-ethereum-price","tag-solana","tag-solana-price","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\nEthereum And Altcoins Crash: Why Is This Analyst Super Bullish?<\/title>\n<meta name=\"description\" content=\"Ethereum and altcoins will fly once Bitcoin 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum And Altcoins Crash: Why Is This Analyst Super Bullish?","url":"http:\/\/wncen.com\/news\/ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2095983646.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2095983646.jpg?fit=2880%2C1620"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","bitcoin","bitcoin price","ethereum","ethereum price","solana","solana price","spot ethereum etfs"],"dateCreated":"2024-04-02T17:30:03Z","datePublished":"2024-04-02T17:30:03Z","dateModified":"2024-06-11T07:56:29Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum And Altcoins Crash: Why Is This Analyst Super Bullish?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-and-altcoins-crash-why-is-this-analyst-super-bullish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2095983646.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_2095983646.jpg?fit=2880%2C1620\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"bitcoin\",\"bitcoin price\",\"ethereum\",\"ethereum price\",\"solana\",\"solana price\",\"spot ethereum etfs\"],\"dateCreated\":\"2024-04-02T17:30:03Z\",\"datePublished\":\"2024-04-02T17:30:03Z\",\"dateModified\":\"2024-06-11T07:56:29Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_2095983646.jpg?fit=2880%2C1620","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601051"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=601051"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/601051\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/563286"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=601051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=601051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=601051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}