Altcoins
Analyst Predicts Altcoin Rally as Ethereum (ETH) Targets $15,000 in Current Bull Cycle
Analyst Predicts Altcoin Rally as Ethereum (ETH) Targets $15,000 in Current Bull Cycle
2024-06-09 13:35:24 ET
An analyst from Crypto Banter’s The Sniper Trading Show said that the altcoin rally phase is approaching.
Typically, this rally occurs towards the end of the bull cycle, indicating significant near-term earnings potential.
Altcoin Market Sentiment: Still in Disbelief
The analyst pointed out that altcoins have not yet entered the “Hope” phase of the market cycle, remaining in a phase of disbelief.
This phase often precedes significant rallies, suggesting that an altcoin surge may be imminent.
Historically, altcoins rally during the later stages of the bull cycle, potentially offering substantial returns to investors.
Ethereum Analysis and Price Targets
Focusing on Ethereum, the analyst highlighted that it is currently peaking around 3.68 (Fibonacci levels), correlating with the previous high of $4,900. Using Fibonacci levels from top to bottom provides the levels needed for analysis.
When Ethereum rises above these levels, it indicates the next move. If it fails to break out, it typically returns to the previous level, showing buyback zones in case of profit taking.
The analyst set ambitious targets for Ethereum at $7,000, $11,000, and $15,000.
He believes that if this were a true bull run, Ethereum should reach the 3,618 Fibonacci level, a pattern observed in every previous bull market.
Therefore, it is preparing for a potential high of $15,000, with interim targets of $7,000 and $11,000.
At the time of writing, ETH is trading at $3,696, up 0.4% over the past 24 hours on CoinMarketCap.
Market cap concerns and valuation warnings
Despite the optimistic goals, the analyst issued a warning regarding the cryptocurrency market.
He warned that while many cryptocurrencies have reached market capitalizations of billions of dollars, the true value may be only a fraction of that value, around $300 million.
This discrepancy stems from the euphoria and excitement surrounding the market, which often leads to inflated prices.
Preparations for the altcoin rally
As altcoins remain in the disbelief phase, investors could see significant opportunities as the market moves into the hope and optimism phases.
Analyst insights suggest that the current period could be ideal for strategic investments in altcoins ahead of the expected rally.
Ethereum’s projected growth, with targets set at $7,000, $11,000, and $15,000, further supports the bullish sentiment.
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