Altcoins ‘Maniac Phase’ Preparing, Analysts Call For Next Leg Up

Rubmar Garcia

1 year ago

3 mins read

Altcoins, alt season, crypto, Tron, SUI, Polygon

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The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins.

Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the bullish rally would resume after the cool-off. Now, analysts consider that altcoins are about to embark on a “massive leg higher” for the alt season.

Ethereum’s Surge Refuels Sentiment

The crypto market is up by 8.3%, with a market capitalization of $2.55 trillion. This market surge has seen Bitcoin, the flagship cryptocurrency, soar past $70,000 in the last day.

Similarly, the “king of altcoins” remarkably performed these past 24 hours. Ethereum (ETH)’s price has risen 22% since yesterday, surpassing levels not seen since mid-March.

However, ETH is yet to test its all-time high (ATH) of $4,878, set nearly two years ago. As a result, the second-largest cryptocurrency has been criticized this cycle for being “a major disappointment.”

In a turn of events, rumors of an approval of ETH spot Exchange-Traded Funds (ETFs) have refueled investors’ bullish tank, “erasing 65 days of down only” with a single daily candle.

As ETH rallies, analysts believe it’s only a matter of time before the whole altcoins sector surges to kick off the altcoin season. Crypto analyst Rekt Capital highlighted the ‘Crypto Money Flow Cycle’, stating that, now that BTC and ETH have rallied, “it’s time for Altcoins to rally.”

Is The Altcoins Season Here?

During the slowdowns, market watchers have analyzed altcoins’ run this cycle. Altcoin Sherpa has stated that many tokens didn’t “run that hard” during round 1 of the bull run, resulting in his forecast of a 1-4 months “cool-off” period before resuming the uptrend.

Despite the similarities with previous bull runs, the singularities of this cycle, like the approval of Spot Bitcoin ETFs and the Memecoin pre-sale frenzy, have made investors question whether they would see the alt season this time.

Nonetheless, several analysts, who urged investors not to panic before, suggest the community prepares for the “maniac phase” ahead. Crypto Yoddha shared his chart for the 2024 altcoin cycle, stating that the dip was “just a higher low in an uptrend.”

Altcoins, crypto — Altcoin 2024 Cycle. Source: Crypto Yoddha on X

Per the chart, the altcoins market is now looking to retest the $1.27 trillion resistance level seen in March before testing last cycle’s $1.7 trillion ATH. To crypto Yoddha, “we’re looking at the bullish continuation” that will lead to a new market ATH during round 2.

Similarly, Top analyst Michaël van de Poppe, who recently sold all his BTC for Altcoins, stated that the Altcoin market capitalization has finished its correction:

The next step: reaching all-time high, which is ~60-70% from here.

I think #Ethereum is likely reaching that in the next 2-4 months.

Lastly, Crypto Jelle considers that “Altcoins are about to embark on a massive leg higher” after an 18-month accumulation period. The analyst compared the market’s recent breakout to a ball being held underwater, claiming that “it’s time for history to repeat.”

Altcoins, TOTAL 2 — Altcoin’s market capitalization is at $1.15 trillion. Source: TOTAL 2 on TradingView

Featured Image from Unsplash.com, Chart from TradingView.com

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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