Today, BTC price is trading above $71,600, and altcoins are showing increased appetite for new highs. If the weekly close is at higher levels, a new period of rapid gains led by BTC could begin for other cryptocurrencies. So, what does the popular crypto expert think about the recent altcoin bull market comments?
Altcoin Bull Market
IntoTheBlock Senior Researcher Juan Pellicer says the altcoin season has already arrived based on multiple signals. Of course, this will largely depend on Bitcoin’s performance. The expert stated:
“In previous market cycles, altcoin seasons usually start with a continuous downtrend in BTC dominance, indicating a shift in market sentiment towards altcoins. While this trend is a useful leading indicator, identifying potential winners in the next altcoin season requires analyzing advanced on-chain metrics. For example, the average holding period of an asset by investors can indicate its resilience. Assets held longer by investors may experience more prolonged price increases during bull markets. Additionally, on-chain data related to whale behavior is invaluable.”
Cryptoquant Head of Research Julio Moreno says:
“Stability and then a slight increase in Bitcoin demand from long-term holders and large holders (whales). This indicates a higher demand increase this month compared to April. Long-term investors bought 74,000 Bitcoin in the last 30 days, while demand from whales is increasing by 5% monthly.”
BTC, ETH, and XRP Commentary
For Bitcoin within the flag formation, the $71,800 resistance is of key importance. At the time of writing, the price was at $71,600, and we have seen many attempts near the resistance. If the formation completes successfully, we will see the start of a double-digit rally for a new ATH. On the other hand, if the resistance remains strong, a drop to $68,500 could occur.
For Ether, the $3,980 barrier has not been permanently surpassed. If this threshold is crossed, bulls will gain strength for new highs above $4,000. In the opposite scenario, a drop to $3,695 and $3,582 levels could be seen.
Lastly, for XRP Coin, while a breakout is expected in the ascending triangle formation, we see weak closes below $0.53. A scenario where the $0.47 support is tested and the rise starts from there can be seen, but XRP Coin still has the potential for an upward breakout.
