The total cryptocurrency market cap has established a consolidation range in the past few weeks, thus signaling an inevitable rebound ahead. Bitcoin’s (BTC) price has a solid support level above $61k, while Ethereum’s (ETH) has established a correction bottom of around $2,969. As a result, it is safe to assume that the medium and small-cap altcoins are experiencing the last major dip before a parabolic rally to the price discovery phase.
Bitcoin dominance, a major indicator of the crypto cash rotation, has been signaling an inevitable reversal in the near term. Currently hovering around 55 percent, Bitcoin dominance has formed an ascending triangle with a bearish divergence on the weekly Relative Strength Index (RSI).
A macro reversal in the ETH/BTC pair will also trigger the altseason. From a technical standpoint, the pair has been grinding down in the past few months despite a bullish divergence on the weekly RSI.
The altcoin market cap, excluding Ethereum, has been trapped in a correction pattern in the past few weeks. However, popular crypto analyst Captain Faibik believes a rebound is on the horizon. By June, the crypto analyst is confident most of the altcoins will be experiencing a bullish breakout.
In case of a bullish breakout, the crypto analyst expects the altcoin to rally at least 35 percent to around $900 billion.
The inevitable rise of the altcoins will mostly involve projects in Layer One (L1), Layer Two (L2), AI-focused coins, and meme coins such as Floki, Pepe, Dogecoin, and Shiba Inu.
For instance, Fetch.ai (FET), already in price discovery mode, is soon on the cusp of a major bullish uptrend.
Also Check Out : This Altcoin is Poised for a Rebound This Summer, With a Potential Explosive Growth of 100% in the Next Two Months
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