Analyst: Altcoins may hit bottom around early June
Cryptocurrency analyst Rekt Capital wrote in an article on May 8th that according to historical chart patterns, altcoins may bottom out around early June. During the Bitcoin halving period, altcoins were sold off and hit their lows in early summer. Over the past month, the altcoin market has been heavily hit. The market value of altcoins excluding the top ten cryptocurrencies fell by more than 21% last month to $265 billion. Aurelie Barthere, chief research analyst at Nansen, said that although a potential local bottom was seen, for an altcoin bull market to occur it first needs a breakthrough in Bitcoin prices as they are high beta cryptocurrencies which succeed when market sentiment is very optimistic. Since mid-March, cryptocurrency investors' enthusiasm has not been so strong. As BTC price consolidates near its 20-day exponential moving average (EMA), we need to break through this point and clearly resume BTC's upward trend in order to beat the broader market.
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