Altcoins Recovery Soon? Analyst Predicts Altcoins Will Bottom Shortly

Analysts predict the altcoin market will hit rock bottom early summer before the bull run that’s fueling the crypto community. Crypto analyst Rekt Capital believes the market could find its local bottom in June, which would trigger the next altcoin bull cycle.

Breakdown The Altcoin Prediction By Analyst

Rekt Capital, a well-known crypto analyst, suggests that, based on chart patterns, altcoins may reach their local price bottom in early summer, likely in June. As per the analyst’s May 8 X post, altcoins are following the predicted plan precisely.

Altcoins had already reached their bottom in early February, and they sold off during the BTC Halving. The next step is for altcoins to find their bottom in the early summer as per the forecast.

The Signal Marking The Begining Of Altcoin Season

Bitcoin’s dominance in the cryptocurrency market, which represents its share in the total market capitalization, may decrease during times when altcoins are popular. This suggests that altcoins are collectively gaining a greater share of the market.

During these times, there is usually an increased level of interest and excitement across various social media platforms about specific altcoins. The overall market sentiment is influenced by news, social media discussions, and speculative trading.

During the altcoin season, there are various factors that contribute to the rise in price and trading volume, such as technological advancements, partnerships, community support, and market trends.

Additionally, traders and investors tend to diversify their portfolios, which often leads to a shift in attention towards altcoins.

Bitcoin Dominance Vs Altcoins

Bitcoin’s dominance is a solid metric when comparing various cryptocurrencies. Bitcoin is the most dominant cryptocurrency, followed by Ethereum and few other altcoins

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When Bitcoin’s dominance increases, altcoins usually remain static. When altcoin dominance increases, altcoins start to move higher while bitcoin’s value remains around its initial value.

If dominance increases simultaneously with the price of Bitcoin, it tends to be bearish for altcoins. Conversely, falling dominance with an increasing BTC price tends to be bullish for altcoins.

Andrew Smith

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.