- Altcoins show increasing bullish signals as Bitcoin price dwindles.
- Pioneer altcoin Ethereum takes the spotlight as analysts expect it to lead altseason.
- ATH target set at $8,550 for ETH this bull cycle.
The weeks nears its close with Bitcoin price still staggering in the $94,000 price range and a market sentiment of ‘Greed’ with the Crypto Fear & Greed Index stationed at a score of 62. While Bitcoin price is expected to recover, reclaims its previous ATH, and then soar to new ATHs, this will likely only occur in the month of February.
Altcoin Activity Gains Momentum Amidst BTC Slump
Meanwhile, analysts have switched signs to possible bullish altcoin activity. This is particular, comes from historical data where Q1 of a year following a Bitcoin Halving year has always led to the peak of the altseason. Indeed, with similar time phases playing out, analysts are expecting bullish action from altcoins and altcoin price charts are mirroring the possibility.
In detail, analysts expect the pioneer altcoin Ethereum (ETH) to lead the upcoming bullish phase of altseason. So far in this bull cycle, several altcoin have already set new ATHs but Ethereum is yet to set a new ATH. Thus, analysts expect the ETH pump is likely the event that will trigger a greater altcoin pump.
$8,550 ATH Set for ETH This Altseason
As we can see from the post above, this analyst expects ETH price to experience a 2.61x pump and hit a new ATH over $8,550. He believes that it is only a matter of time before ETH continues on a massive uphill run to the $4,811.71 target. Once this target is achieved he expects a surge of additional strength to allow the altcoin to break above and take it to a new ATH of over $8,550.
