Bitcoin price witnessed a steep drop in the early trading hours which dragged the price below $43,000. On the other hand, Ethereum’s price slashed below $3100 for some moment. The altcoins also followed which incurred massive losses. However, despite the narrow trend of BTC prices, the altcoins are expected to range back in action to ignite a strong bull run very soon.
The altcoins from the past couple of weeks appear to have accumulated massive momentum, to begin with, a strong bull rally at the earliest. After a free fall of more than 10%, most of the altcoins are ranging high by recovering significant losses. However, it appears that the altcoin market cap is at the foothill of a massive spike.
As mentioned by the analyst, market capitalization is trading within a descending broadening wedge. And moreover, currently appears to be on the foothill of a significant explosion. A strong breakout from the pattern may compel the market cap to surge high, gaining 2x to 5x. On the contrary, the breakout of the altcoins from their consolidation is also largely dependent on Bitcoin.
BTC price usually fuels the next altseason or DeFi season or the NFT boom. And hence as per the popular Youtuber, if Bitcoin surges high by ‘x’, then the altcoins may range high by more than ‘5x’. And hence now when the Ethereum price possesses a significant bullish momentum after the BTC price rises high and calms a little, one can expect a strong Altseason 2022.