In recent months, an analyst known for accurately predicting significant market downturns has experienced days when his forecasts were off the mark. However, today he is exceptionally confident, and with good reason; numerous analysts share his sentiment. The ETHBTC pair has been highlighted frequently, and now the anticipated movement has started. At the time of writing, the ETH price had reached $4,040.
The Altcoin Bull Market
As the article was being prepared, the price of ETH rose to $4,057. Should it close above $4,100, cryptocurrency enthusiasts could witness the beginning of one of history’s most unique bull markets. After predicting the final major declines, Roman Trading initially speculated that the peak story for ETH was over. What comes next? Funds will likely shift from BTC to altcoins , and according to his recent assessment, this process is seemingly underway.
Analysts generally agree with him, emphasizing that the long-suppressed ETH price is now bound to reach an all-time high. ETH facing consistent negative performance against BTC for over a thousand days was too lengthy a period. Furthermore, a single company announcing plans to establish a $5 billion ETH reserve highlights the current significant developments. These are not trivial matters.
The Next Stage Begins
Bithedge draws attention to the surge in ETH trading volume. An increase in ETH volume, compared to BTC, for 14 consecutive days previously occurred during a notable reversal in the summer of 2022. This pattern does not necessarily indicate a downtrend; instead, it suggests the market is striving to absorb the high supply levels.
Kyle describes the current phase vividly. He posits that the next stage may already be in progress. Numerous major announcements have been made recently, though not all are yet reflected in the charts. For instance, yesterday’s approval of the 401k provision signifies the potential influx of tens of billions of dollars in capital into Bitcoin $116,755 . Furthermore, interest rate reductions are anticipated to begin in September, with ETF approvals on the horizon.
Following last week’s data-triggered market dip, Kyle articulates the transition to the next phase with these words:
“BTC regained momentum, climbing back to $117,000 following President Trump’s crypto-friendly executive order. Simultaneously, the ratio of Short-Term Holders to Long-Term Holders reached 17.3%, signifying reawakened speculators. Is the long-term faith secure? Absolutely. Are you ready for what’s next?”
