- Altseason can only start when ETH breaks and holds above $5,000.
- Analyst believes that the long-awaited altseason can still breakout.
- Could this bullish outcome still be in play?
As sentiments continue to fall, reputed crypto analysts take closer looks at price charts to discuss the possibility of bullish weeks ahead. Presently, most expect bearish reversals and no altseason in sight. One analyst remains certain that altseason can only start when ETH breaks and holds above $5,000. Can this expectation still be expected with ETH trading in the $3,800 price range?
Altseaon Can Only Start When ETH Breaks and Holds Above $5,000
Since the $20 billion liquidation event earlier this month, bullish sentiments for altcoin prices to pump and trigger altseason have been nearly non-existent. This is because prices of altcoins took a brutal hit during the crash, which is now remembered as the largest single-day liquidation in the history of crypto. In detail, nearly all leverage and long position trades in altcoins were wiped out in one fell swoop.
While most altcoins fell by 50% to 90%, some altcoins even fell to zero. The aftermath of the liquidation event led to some promising altcoins calling for bankruptcy and halting all blockchain operations and support, like Kadena (KDA). A reputed analyst believes this announcement is only the beginning, and many other projects will follow Kadena and announce their own end of their crypto and blockchain journeys.
Despite these bearish reactions and sentiments, reputed analysts continue to find several bullish indicators across a number of factors. While most believe BTC is either topped for the cycle or has one final pump left in it, the majority still believe that an altseason has to occur, and one analyst believes that the altseason pump will only come when and if the price of ETH breaks and holds above the $5,000 bull target.
Is Altseason Pump Still a Possibility This Year?
According to this reputed crypto analyst, he remains adamant that the real altseason pump of the bull cycle will only start once ETH breaks and holds above $5,000. As for the altcoin market cap, one never really knows whether it’s the end or the beginning of a new altcoin cycle. For the past two years, the crypto community has been waiting for the FED’s QE. And this month, the FED announced for the first time that it could end QT and begin QE.
However, at the same time, market makers created a historic liquidation event similar to March 2020. Always look at the data on the higher timeframes to avoid getting trapped. It’s not about bulls or bears. Gold, Nasdaq, M7, Bitcoin, ETH, BNB, TRX, and SOL have all been in a bull market since January 2023. Risky assets only perform parabolically when liquidity conditions are met. Thus, the analyst believes that an exponentially bullish altseason may be coming soon.
