Is the virtual currency market temporarily suspended? Analysts say altcoin season may be months away!

In the midst of the seemingly calm world of cryptocurrencies, expectations are rising that a storm may be on the horizon. Bitcoin (BTC) has soared recently, briefly surpassing the $63,000 level, but settled around $62,000 on Wednesday.

Now, as the U.S. Bureau of Labor Statistics prepares to release its long-awaited Consumer Price Index (CPI) report, all eyes are on the altcoin space in preparation for a spike in volatility.

However, the real thunder awaits the impending final review by the US Securities and Exchange Commission (SEC) on the Spot Ethereum ETF application.

This pivotal moment has significant implications for the broader cryptocurrency landscape, especially given the similarities in operational framework that many altcoins share with Ethereum.

Here's what you can expect:

Is altcoin season approaching?

Despite the suspense, the crypto market remains supported by a solid support level of approximately $2.4 trillion market capitalization. There is an atmosphere of expectation as most altcoins take stances that suggest impending bullish momentum, marked by the formation of a reversal pattern.

The continuing short squeeze frenzy surrounding GameStop Corp (GME) stock has had a ripple effect, sparking renewed interest in meme coins and sparking hopes for a broader altcoin resurgence.

Analyst Insight: Patience is the key

In the midst of this frenzy, renowned crypto analyst The Wolf Of All Streets offers a sober perspective. The analyst acknowledged the recent buzz but cautioned that real action may be months away.

Highlighting Bitcoin's dominant role in shaping market cycles over the past year, analysts suggest that real momentum typically emerges four to six months after the halving, allowing history to seamlessly repeat itself. We are careful about making assumptions.

“Bitcoin is dominating this cycle, with the exception of small pumps in some sectors. The meme is crazy, but it is generally a temporary rotation from coin to coin, so Very few people will benefit. History may not repeat itself, but the real action usually begins four to six months after the halving.”