Altcoin Season Signals Imminent Rally with Golden Cross Formation
Crypto analyst InvestingScope has highlighted a potential altcoin season driven by a significant market occurrence. Key insights include:
- Altcoins have produced a 1-day Golden Cross, the first since the US elections.
- The crypto market cap could reach $4.03 trillion, up from the current $3.39 trillion.
- This rally follows three previous Golden Cross formations resulting in over 73% market surges.
Recent price movements show:
Bloomberg analyst Eric Balchunas suggested an upcoming Altcoin ETF summer, with Solana potentially leading. The SEC's request for issuers to amend S-1 filings may catalyze this trend.
Additionally, Ethereum ETFs saw inflows of $240 million on June 11, marking a four-month high and 18 consecutive days of inflows, indicating growing optimism about SEC approvals for staking.
ETH/BTC Breakout Expected
Expert Paul Barron predicted an imminent ETH/BTC breakout, signaling the start of the altcoin season. Market sentiment is reportedly up by 2.8%, with Ethereum poised to lead.
Mikybull Crypto noted Ethereum's solid technical positioning, identifying $2,800 as the next resistance before a potential rise to $3,900.
