Bitcoin's recent rally to $71k, followed by a small decline, has set the stage for what many in the crypto industry see as the potential start of an Altseason. The next two weeks will be crucial for the altcoin landscape, with two main factors influencing sentiment:
1. Votes on the Financial Innovation and Technology for the 21st Century Act (FIT21)
The US House of Representatives is preparing to vote on FIT21, a bill that aims to establish a regulatory framework for digital assets. The goal is to provide regulatory clarity and consumer protection to drive innovation in the digital asset space.
The approval of FIT21 is seen as a positive step for the widespread adoption of cryptocurrencies and could trigger a rally in altcoins.
2. The SEC's decision on the ETH Spot ETF
The SEC appears one step closer to approving ETH Spot ETFs by the end of the week. Spot ETFs would facilitate investment in Ethereum by institutional and retail investors, potentially increasing demand and price for the cryptocurrency.
Market indicators and analyst forecasts
- The global cryptocurrency marketcap stands at approximately $2.73 trillion.
- Analysts observe an upward pattern for Bitcoin, with phases of consolidation seeing altcoins take over.
- Michael van de Poppe predicts that the altcoin market capitalization will reach its all-time high in the next 2 to 4 months.
- Rekt Capital expects the altcoin market capitalization to rise to $315 billion before a retracement, followed by an explosive surge to over $440 billion.
– Crypto Yoddha of X fame sees a recent drop as a “bottom in an uptrend,” predicting a new all-time high for altcoins in the next phase of the market.
Mixed signals
Despite the optimism, it shows that only 37% of the top 50 altcoins have outperformed Bitcoin in the last 90 days, insufficient to officially confirm an altseason.
Therefore, we must proceed with caution, underlining the importance of adequate risk management.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Open your BBVA account and card at €0 forever and get €10, 4% cashback on purchases and 4% interest on deposited funds. Use my code:
Apri il conto e carta BBVA a 0€ per sempre e ottieni 10€, 4% di cashback sugli acquisti e 4% di interessi sui fondi depositati. Usa il mio codice:
https://www.bbva.it/general/apri-il-conto.html
77660060118763
Sign up to Nexo and get $5 in Bitcoin,16% APY on your stablecoins and 2% cashback on Nexo Card by depositing and holding at least $100 for 90 days
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
