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After an impressive rally that propelled Bitcoin (BTC) to new heights above $126,000, the cryptocurrency market is now facing a wave of uncertainty. Major cryptocurrencies, including BTC, have seen a retracement to critical support levels, leaving many investors questioning the market’s direction.
Bitcoin And Ethereum Prices Projected To Skyrocket
Market expert Ash Crypto recently shared insights on social media platform X (formerly Twitter), suggesting that this pullback serves to liquidate bullish positions, particularly among retail investors. He predicts a potential rebound in mid-October, expressing optimism that the market will rally significantly by the end of the month.
According to Ash Crypto, the prevailing sentiment among traders is one of fear, leading many to believe that the anticipated “PUMPTober” has been canceled. However, he argues that when market sentiment is at its most pessimistic, a substantial bounce is likely to occur, setting the stage for a parabolic rally in the fourth quarter.
The expert’s projections estimate that Bitcoin could soar to between $150,000 and $180,000, while Ethereum (ETH) might reach between $8,000 and $12,000. This surge, he contends, would ignite a genuine altcoin season, with altcoins potentially experiencing gains of 10 to 50 times their current values within a few months.
Analysts Predict Explosive Altcoin Phase
Supporting this bullish outlook, analysts from The Bull Theory have noted that the cryptocurrency market is on the brink of its most explosive phase for altcoins. They draw parallels to the market behavior of 2020, when altcoins experienced a significant breakout after a lengthy base-building period.
The analysts point out that the current market structure mirrors that of 2020, with a multi-year base formation and higher lows indicating that buyers are increasingly absorbing supply.
The total altcoin market cap, excluding Bitcoin and Ethereum (referred to as TOTAL3), currently hovers around $1.14 trillion, just below a key resistance level of approximately $1.2 trillion.
Historically, altseason has not commenced until this resistance is breached. As long as Bitcoin continues to reach new highs, liquidity tends to concentrate in BTC, leaving altcoins in the shadows.
However, once TOTAL3 breaks through its ceiling, the analysts anticipate a massive upside, potentially pushing the altcoin market cap to between $5 trillion and $7 trillion.
This potential breakout is occurring alongside favorable conditions, including high Bitcoin dominance, significant inflows into Ethereum exchange-traded funds (ETFs), improving regulatory clarity, and the resumption of global liquidity injections from countries like China and Japan.
The current period of consolidation, rather than indicating weakness, is seen as a necessary phase before a broader expansion. As analysts emphasize, altseason does not begin arbitrarily; it commences when TOTAL3 decisively breaks out of its resistance.
Featured image from DALL-E, chart from TradingView.com
