Crypto analyst InvestingScope has highlighted a significant development that suggests an upcoming altcoin season. The expert also estimated the potential growth of the cryptocurrency market, indicating that altcoins could outperform Bitcoin during this phase.
In a post on TradingView, InvestingScope noted that altcoins have achieved a one-day Golden Cross, marking the first occurrence since shortly after the US elections. He emphasized that the subsequent rally resulted in new highs for these altcoins, signaling that another altcoin season may be approaching. The analyst forecasts that the total cryptocurrency market could reach at least $4.03 trillion during this rally.
Since the bottom of the Bear Cycle, this marks the fourth one-day Golden Cross, with previous formations resulting in a market surge of over 73%. Given that the current market cap stands at $3.39 trillion, it is plausible for the market to hit the $4 trillion milestone during this upcoming altcoin season rally.
Following Bitcoin's recent surge toward its all-time high (ATH), altcoins have also experienced significant rallies. Ethereum's price reached $2,900, nearing the psychologically important $3,000 mark, while Solana hit $170, its highest level in the past 90 days. The performance of these major altcoins has further fueled optimism regarding the potential for an imminent altcoin season.
Bloomberg analyst Eric Balchunas has advised investors to prepare for a possible Altcoin ETF summer, with Solana expected to take the lead. This development could serve as a catalyst for the altcoin season, especially as the SEC has requested issuers to amend their S-1 filings. In addition, Ethereum ETFs reached a four-month high in inflows, with $240 million invested in these funds on June 11, and have experienced 18 consecutive days of inflows amid growing optimism about SEC approval for staking in these funds. This could also act as a catalyst for the altcoin season, as Ethereum often leads price movements.
Market expert Paul Barron indicated in a recent X post that an ETH/BTC breakout is imminent, a development that could signal the start of the altcoin season. He stated that Altseason is set for an explosive rise and that the ETH/BTC breakout is "committed." With the market sentiment rising by 2.8%, he believes Ethereum will take the lead.
Additionally, crypto analyst Mikybull Crypto has presented a case for Ethereum's leadership in the altcoin season. In his latest analysis, he indicated that from a technical standpoint, ETH is performing well at its current levels. He identified $2,800 as the next resistance point to overcome before a potential rally to a new high of $3,900, noting that Ethereum typically excels near the peak of the market cycle.
