In the midst of a seemingly calm crypto landscape, anticipation brews for potential storms on the horizon. Bitcoin (BTC) recently surged, briefly surpassing the $63,000 mark before settling around $62,000 as Wednesday unfolded.
All eyes are now on the altcoin arena, poised for a surge in volatility as the United States Bureau of Labor Statistics prepares to release its highly anticipated Consumer Price Index (CPI) report.
Yet, the real thunderclap awaits with the imminent final review by the United States Securities and Exchange Commission (SEC) concerning spot Ethereum ETF applications.
This pivotal moment holds profound implications for the broader cryptocurrency landscape, particularly given the resemblance in operational frameworks shared by many altcoins with Ethereum.
Here’s what to expect.
Altcoin Season Around the Corner?
Despite the suspense, the crypto market remains anchored by a robust support level of approximately $2.4 trillion in total market capitalization. An air of anticipation prevails as most altcoins adopt a stance suggestive of impending bullish momentum, marked by the formation of reversal patterns.
The ongoing short squeeze frenzy surrounding GameStop Corp (GME) shares has had a ripple effect, igniting a fresh surge of interest in meme coins and kindling hope for a broader altcoin resurgence.
Analyst Insights: Patience is Key
In the midst of this fervor, prominent crypto analyst, The Wolf Of All Streets, offers a sobering perspective. While acknowledging the recent buzz, the analyst cautions that the true action may be several months down the line.
Emphasizing Bitcoin’s dominant role in shaping market cycles over the past year, the analyst suggests that the real momentum typically emerges 4-6 months post-halving, with a note of caution against assuming history will seamlessly repeat itself.
“Bitcoin has dominated this cycle, outside of small pumps in select sectors. Memes have gone nuts, but that is generally a temporary rotation from coin to coin, so few people benefit. The real action usually starts 4-6 months AFTER the halving, although history may not repeat,”
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