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Crypto Market on Pause? Analyst Says Altcoin Season Could Be Months Away!
Amid an apparently calm cryptographic scenario, the expectation of possible storms on the horizon arises. Bitcoin (BTC) has surged recently, briefly surpassing the $63,000 mark before settling around $62,000 as Wednesday unfolded.
All eyes are now on the altcoin arena, poised for an increase in volatility as the United States Bureau of Labor Statistics prepares to release its highly anticipated Consumer Price Index (CPI) report.
However, the real thunder awaits with the imminent final review by the United States Securities and Exchange Commission (SEC) regarding spot Ethereum ETF forms.
This pivotal moment has profound implications for the broader cryptocurrency landscape, especially given the similarity in operating structures shared by many altcoins with Ethereum.
Here’s what to expect.
Altcoin Season Coming?
Despite the suspense, the crypto market remains anchored by a robust support level of approximately $2.4 trillion in total market capitalization. An air of anticipation prevails as most altcoins adopt a stance suggestive of imminent bullish momentum, marked 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 Key
Amid this fervor, prominent crypto analyst The Wolf Of All Streets offers a sobering perspective. While he acknowledges the recent buzz, the analyst cautions that the real action could come several months later.
Emphasizing 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 against assuming that history will repeat itself perfectly. .
“Bitcoin has dominated this cycle, outside of small pumps in select sectors. The memes went crazy, but it’s usually a temporary rotation from coin to coin, so few people benefit. The real action usually starts 4-6 months AFTER the halving, although history may not repeat itself,”
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