In an interesting move, Ethereum’s price gained some strength and rose above $3000 after struggling to reach these levels. This move has also been recorded in another popular altcoin, Solana which is strongly heading towards $170. The growing optimism over the ETH and SOL prices has again fueled the altseason narrative. However, until Bitcoin does not form a new ATH, the altcoins may certainly not gain momentum.
When will the BTC price mark new highs?
The recent price action of Bitcoin displays the price could still be trading under bearish influence regardless of the latest upswing. However, the data from CryptoQuant suggests Bitcoin could be in the middle of the prevailing bull run.
The market capitalisation of Bitcoin is growing faster than its realised cap, a trend which typically lasts around two years. Therefore, if this pattern continues, the bull cycle is expected to end its bull cycle by April 2025. Bitcoin price is currently showing bullish signs with the price momentum oscillator after it tested its previous resistance at $64,600 and confirmed it as support. With a continued trend, the next break could be at $67,000 resistance which may trigger an upswing above $73,000.
With this move, the altcoins in the market may display acute strength, with ETH price advancing toward $4000 and SOL price towards $250. Once these popular tokens soar above the previous ATH at around $4800 and $260, the altseason may officially begin. Until then, the prices of all the popular tokens may maintain an ascending consolidation, defending the lower support.