In recent weeks, altcoin holders have been feeling the pressure as the market experiences significant movements. These shifts often bring about feelings of frustration and impatience, leading some to consider giving up. However, it’s important to remember that altcoins typically see growth when Bitcoin’s dominance decreases. Discussions surrounding an Ethereum ETF are gaining traction, with approvals and trading expected to begin in the first week of July.
A Bitcoin dominance chart shared by Derek on X suggests that the current situation mirrors previous peaks in 2017 and 2021, indicating the potential start of an altcoin bull market. This pivotal moment reflects a shift between sellers and buyers in the market.
The upcoming Ethereum ETF S-1 could be a game changer, attracting attention from Bitcoin whales. Anticipation for the launch of the Ethereum ETF S-1 in mid-July may cause the altcoin market to react with volatility. Staying composed and patient during this period will be crucial for navigating the market.
Crypto Crusader predicts that July could be a highly bullish month for the crypto market. If the ETF is approved, altcoin holders should prepare for potential impacts. Ethereum is projected to lead the market, reducing Bitcoin’s dominance and boosting ERC20 projects. This shift could trigger a rapid altseason, with Bitcoin possibly reaching $80,000 to $100,000 or more by the end of the summer.
Analyst Moustache noted on X that the 3W Gaussian-Channel has transitioned from red to green, indicating a buy signal similar to patterns seen in 2020. With prices remaining above the EMA 10, he suggests that this could precede one of the most significant altcoin seasons in recent times.