Bitcoin
Altcoins Are Poised to Steal Bitcoin’s Spotlight, Here’s Why
Altcoin holders have been under significant stress recently due to market movements over the past five weeks. Major changes and turning points often involve extreme pain and patience, causing many to give up. But it’s important to remember that altcoins can only gain momentum when Bitcoin’s dominance diminishes. Discussions around an Ethereum ETF are heating up, with approvals and negotiations expected in the first week of July.
Bitcoin Dominance Chart shared by Derek on X shows the current situation mirroring peaks in 2017 and 2021, signaling the start of an altcoin bull market. At this critical juncture, there is a huge shift between sellers and buyers.
The upcoming Ethereum ETF S-1 is expected to be a game changer, catching the attention of Bitcoin whales. I believe the altcoin market will react early before the launch of the Ethereum ETF S-1 in mid-July. There will be volatility during this period, but remaining calm and patient is key to navigating it.
Crypto Crusader predicts that July will be a highly bullish month for the crypto market. If the ETF is approved, altcoin holders should brace themselves for the impact. Ethereum is expected to lead the market, reducing Bitcoin’s dominance and boosting ERC20 projects. This could trigger a rapid bull season, and Bitcoin could reach $80,000 to $100,000 or more by the end of the summer.
He wrote: “If we see ETF approval happen in the first week, altcoin holders, you need to tighten your belt. Ethereum will start to lead the market and steal the spotlight from Bitcoin.”
Analyst mustache noted on X that the 3W Gaussian Channel has turned from red to green, signaling a buy, similar to 2020. With prices holding above the 10 EMA, he suggests that this could precede one of the biggest altcoin seasons.