Crypto Bull Run Update: BTC over $100,000, Whales Piling Up and Altcoins Hitting Bottom Shortly Before Breakout

The cryptocurrency market is looking forward to the next altcoin bull run and, according to market analysts, the local market altcoin bottom could come as early as June. However, for a significant altcoin rally to take place, the price of Bitcoin must first move higher.

TLDR

• According to crypto analyst Rekt Capital, Altcoins could find their local low around the beginning of June, based on historical chart patterns.
• The altcoin market cap, excluding the top 10 cryptocurrencies, has fallen more than 21% over the past month to $265 billion, but is still up 24% year to date of the year and 167% over the past year.
• For the altcoin to significantly rise, the price of Bitcoin must move higher, according to Aurélie Barthere, senior research analyst at Nansen.
• Bitcoin’s 200-day moving average recently surpassed $50,000 for the first time, a significant milestone as it is widely considered a crucial indicator demarcating bull and bear market cycles.
• Pantera Capital predicts that the price of Bitcoin will peak at $117,000 in August 2025, based on the average length of previous rallies and the impact of Bitcoin halving events on the price.

Popular crypto analyst Rekt Capital suggests that, based on historical chart patterns, altcoins could find their local lowest price around the beginning of June, marking the start of the next altcoin bull cycle.

Despite a 21% drop in altcoin market capitalization (excluding the top 10 cryptocurrencies) over the past month, the market is still up 24% year-to-date and d an impressive 167% over the past year.

Altcoin sentiment is historically correlated with the price of Bitcoin, and a prolonged period of consolidation could be in store due to the lack of sufficient new liquidity from Bitcoin ETFs in the United States and Hong Kong, according to Alex Onufriychuk, blockchain advisor and coach at Qubic Labs Accelerator.

He believes that for a significant turnaround, more fundamental changes are needed, such as increased retail and institutional investment and favorable regulatory developments.

Bitcoin price action has been closely watched, with the 200-day moving average (DMA) recently surpassed $50,000 for the first time.

This step is important as the 200DMA is widely considered a pivotal indicator demarcating bull and bear market cycles. In previous cycles, staying above the 200-MA was a bullish signal, while crossing it often presaged bearish momentum. Bitcoin’s ability to sustain prices above $50,443 could strengthen the uptrend.

Meanwhile, Bitcoin whales have intensified their accumulation despite the coin’s recent decline below $62,000.

According to on-chain data provider Santiment, BTC whales holding between 1,000 and 10,000 coins accumulated 15,121 BTC worth $930 million between May 7 and 8, pushing total BTC holdings from the cohort at its highest level in 14 days.

However, bearish sentiments remain strong, with Bitcoin recently falling below its 20-day simple moving average (SMA), putting it at risk of further decline in the near term.

If the bears strengthen their position, they could push the coin’s price down to the support line of BTC’s descending channel pattern, which could lead to a price around $57,000.

Despite short-term volatility, the venture capital firm Pantera Capital remains optimistic about the future of Bitcoin price. In a recent letter to investors, the company revealed its Bitcoin Halving Rally Model, which predicts a bottom in the BTC price followed by a rise throughout the Halving rally.

Based on the average length of previous rallies, Pantera Capital predicts that the BTC price will peak at $117,000 in August 2025.

The company highlights the relationship between halving events and the price of BTC, saying that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is halved, this will create upward pressure on the price. Anticipation of a price increase has also historically resulted in an increase in demand for Bitcoin, leading to halving events.

Although altcoins may hit local lows in June, a significant rise will likely require Bitcoin to achieve a rise first. Despite the short-term volatility and bearish sentiments, long-term projections for Bitcoin price remain bullish, with Pantera Capital forecasting a peak of $117,000 by August 2025.

As the cryptocurrency market continues to evolve, investors and enthusiasts will closely monitor the interaction between Bitcoin and altcoins, as well as the impact of fundamental factors such as institutional investment and the evolution of the regulation.

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