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On the social media platform X, crypto analysis platform Glassnode‘s founders and crypto analysts expressed optimism about Ethereum’s (ETH) potential to rise before a possible “super excitement” phase in the crypto market. The duo indicated to their followers that Ethereum could show an upward trend against Bitcoin (ETH/BTC), which could signal significant gains for altcoins in June.
Historical Performance of Altcoins in June
Historically, June has been a positive month for altcoin projects, and analysts believe this trend could continue. Despite Ethereum’s current price movement, analysts noted strong rallies in altcoins like JASMY, RLC, and PEPE. According to them, the ETH/BTC trading pair chart shows a trend reversal with Ethereum outperforming Bitcoin following the approval of spot Ethereum exchange-traded funds (19b-4 forms) in the US.
Current data shows ETH/BTC trading at 0.0542 BTC ($3,773) with a nearly 1% drop in the last 24 hours. This potential breakout could lead altcoins to reach all-time highs (ATHs). Analysts also predict that the shares of technology company MicroStrategy, which holds a large amount of Bitcoin, could rise due to the anticipated major market excitement.
Potential Rally in MicroStrategy’s Shares
MicroStrategy, heavily invested in Bitcoin, saw its stock price surpass 2021 levels. Analysts estimate that based on Elliott Wave theory and Fibonacci extension lines, MicroStrategy’s shares could rise to $3,560, over 118% of their current value.
In general, Elliott Wave theory suggests that assets in an uptrend typically experience a five-wave pattern, with the first, third, and fifth waves moving upward, while the second and fourth waves are corrective.
Investors use Fibonacci extension lines to predict profit targets and price pullbacks, relying on Fibonacci ratios for these calculations. The expectation of continued excitement in the Bitcoin and crypto market could significantly impact the stock prices of companies like MicroStrategy that hold large amounts of BTC.
