An altcoin bull run would first require Bitcoin to break out from its current range, market analyst says.
An altcoin bull run would first require Bitcoin to break out from its current range, according to Nansen's principal research analyst.) aside, the cryptocurrency market could find its local bottom in June, marking the start of the next altcoin bull cycle, according to market analysts.
Altcoin sentiment is historically correlated with Bitcoin price. Altcoins could find their local bottom around June, as market sentiment and Bitcoin price remains subdued by decreasing inflows from U.S. spot Bitcoin exchange-traded funds , according to Alex Onufriychuk, blockchain advisor and coach at QUBIC Labs Accelerator. He told Cointelegraph:
"Altcoins are high beta crypto, they are successful when the sentiment is very bullish. Since mid-March, the sentiment among crypto investors is less exuberant. As BTC price consolidates around the 20-day Exponential Moving Average , there is more volatility in Alts. We need a break above and a clear resumption of BTC uptrend for alts to outperform.
On the monthly chart, 10 out of 12 moving averages are flashing a buy signal for the top altcoins, such as Ether (indicators are commonly used in technical analysis to determine the average price of the underlying asset, in relation to a set period.year-over-year for the first time since November, signaling that investors could soon start looking for hedges against inflation or alternative investments.
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