Bitcoin Leads the Market with Altcoins Gaining Momentum

Bitcoin Surges Beyond $71,600 While Altcoins Aim for New Heights

Bitcoin (BTC) continues to lead the cryptocurrency market, trading above $71,600, with altcoins showing increased momentum towards new highs. A strong weekly close could signal the beginning of a new period of rapid gains for other cryptocurrencies, driven by Bitcoin’s performance. But what do the experts say about the recent altcoin bull market?

Altcoin Bull Market Insights

Juan Pellicer, Senior Researcher at IntoTheBlock, believes the altcoin season has already started, based on several indicators. However, the performance of Bitcoin remains crucial. Pellicer explains:

“In past market cycles, altcoin seasons typically begin with a continuous decline in BTC dominance, indicating a market sentiment shift towards altcoins. This trend is a valuable leading indicator, but identifying potential winners in the next altcoin season requires analyzing advanced on-chain metrics. For example, the average holding period of an asset by investors can indicate its resilience. Assets held longer by investors may experience more prolonged price increases during bull markets. Additionally, on-chain data related to whale behavior is invaluable.”

Julio Moreno, Head of Research at Cryptoquant, adds:

“There’s stability and then a slight increase in Bitcoin demand from long-term holders and large holders (whales). This indicates a higher demand increase this month compared to April. Long-term investors bought 74,000 Bitcoin in the last 30 days, while demand from whales is increasing by 5% monthly.”

BTC, ETH, and XRP Market Analysis

For Bitcoin, the $71,800 resistance within the flag formation is critical. Currently priced at $71,600, several attempts to break this resistance have been observed. A successful breakthrough could initiate a double-digit rally towards a new all-time high (ATH). Conversely, if resistance holds strong, a drop to $68,500 might occur.

For Ether (ETH), the $3,980 barrier has not been permanently breached. Crossing this threshold would empower bulls to push prices above $4,000. Failing to do so could see ETH dropping to $3,695 and $3,582 levels.

Lastly, XRP is currently experiencing weak closes below $0.53 despite expectations for a breakout within the ascending triangle formation. A scenario where the $0.47 support is tested before a rise begins is possible, but XRP still holds potential for an upward breakout.

The post first appeared on COINTURK NEWS: Bitcoin Leads the Market with Altcoins Gaining Momentum