- Crypto market volatility triggers technical indicators.
- Bitcoin is due for consolidation after a massive rally.
- Ethereum maintains a bullish momentum with $4,000 in sight.
Technical crypto analysts have found their voices after the return of significant volatility in the cryptocurrency market. The latest Bitcoin surge has dragged the rest of the crypto market along, generating notable activity across the industry and causing technical indicators to display recognizable patterns for market analysis.
One such analyst has released a podcast warning Bitcoin traders of an upcoming consolidation after the latest rally. The analyst spotted a bearish divergence on Bitcoin’s RSI indicator, noting the cryptocurrency could pull back or embark on a sideways trend in the short term before continuing upwards.
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Despite the pullback prediction, the analyst believes Bitcoin retains a significant bullish momentum that would form the tailwind for the final leg of the current bull cycle. According to him, the pioneer cryptocurrency will fulfill its cycle potential by rallying to the $13,000 – $150,000 region, but not before a temporary pullback.
Besides Bitcoin, the analyst highlighted Ethereum’s exceptional rally, identifying the altcoin’s latest surge as the most impressive move among the top cryptocurrencies in the past week. Ethereum surged nearly 50% in the past six days to climb above $2,600 for the first time since the last week of February 2024.
According to the analyst, Ethereum remains undervalued and retains a significant bullish momentum that could lead to more gains. Using on-chain data, he noted that Ethereum’s upside opportunity is massive, predicting a $4,000 target for the flagship altcoin in the current bull run.
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In the meantime, the analyst thinks the crypto market is at the beginning of an altcoin season, considering the behavior of the top cryptocurrencies. He cited the typical trend that sees altcoins surging toward the end of a Bitcoin bull cycle, noting that BTC is nearing the end of its latest bull run, which would lead to investors switching their interest to altcoins, increasing demand, and causing the altcoin market to rally.
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