In an interesting move, Ethereum price gained some strength and rose above $3000 after struggling to reach these levels. This move was also recorded in another popular altcoin, Solana, which is barreling towards $170. Growing optimism on ETH and SOL prices is once again fueling the alt-season narrative. However, unless Bitcoin forms a new ATH, altcoins may not gain traction for sure.
When will BTC price hit a new all-time high?
Bitcoin’s recent price action shows that despite the recent rally, the price may still be trading under bearish influence. However, the data from cryptographyQuant suggests that Bitcoin may be in the midst of a bull market.
Bitcoin's market capitalization is growing faster than its realized cap, a trend that typically lasts about two years. Therefore, if this pattern continues, the bullish cycle is expected to end by April 2025. Bitcoin price is currently showing bullish signs on the price momentum oscillator after testing the previous resistance at $64,600 and confirming it as support. If this trend continues, the next break could be resistance at $67,000, triggering a rally above $73,000.
This move could cause altcoins in the market to show sudden strength, pushing ETH price towards $4000 and SOL price towards $250. Alt season could officially begin if these popular tokens soar above their previous ATHs to around $4,800 and $260. Until then, prices of all popular tokens are likely to maintain their upward trend while defending lower supports.
