As the summer progresses, the cryptocurrency market shows little upward momentum. Particularly, crypto analyst Ansem recently designed a steady course for Bitcoin (BTC) and Solana (SOL) in the coming months.
This forecast is based on a detailed analysis shared on Elon Musk’s social platform X, where Ansem highlighted potential trends and key scenarios that could influence these trends. performance of the main cryptocurrencies.
Ansem suggests that Bitcoin and Solana may not make bullish advances before the third or fourth quarter of the end of the year, but have maintained stability above the March lows.
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This suggests that a period of consolidation may be underway. However, the narrative for the broader altcoin market diverges significantly, with different coins showing varying trajectories. Ansem’s analysis points to a critical period of lateral movement that could set the stage for future price actions.
Technical Analysis: A Deeper Dive into Market Movements
According to Ansem, Bitcoin and Solana have not fallen below their March lows, which could indicate a consolidation phase preceding the next bullish leg.
However, this stability is not reflected in all digital assets. For example, Avalanche (AVAX) and similar infrastructure projects show signs of breaking below these levels, suggesting a possible new downtrend or a capitulation phase before recovering critical levels.
Analysis of the XRP/BTC chart reveals an interesting trend where Bitcoin and Solana may maintain their resilience as market outliers or eventually succumb to broader market downturns.
The scenarios presented by Ansem include:
BTC and SOL as outliers: Bitcoin and Solana may continue to maintain their current low levels of consolidation, with Bitcoin staying between $58,000 and $60,000 and Solana between $110 and $120.
This scenario predicts that while other altcoins may have already reached their lows, they will bottom out when the majors do, after some sideways action.
General market recession: If BTC and SOL are not outliers, they could keep up with the downside experienced by the broader market.
This could lead to significant market capitulation, potentially pushing Bitcoin to between $48,000 and $52,000 and Solana to between $85 and $100.
Total market peak: Ansem considers it highly unlikely that the entire market reached its peak, ruling out this scenario as unlikely.
He suggests that a prolonged period of sideways movement is a more plausible outcome. At the same time, application development within the crypto space continues, potentially driven by continued inflows into Bitcoin and Ethereum exchange-traded funds (ETFs).
Bitcoin and Solana: Synchronized Trends and Upcoming Altseason
In recent trading sessions, Bitcoin and Solana have reflected similar price behavior, both experiencing a modest 0.1% drop in the last 24 hours. Despite this, their weekly performance diverges significantly; Bitcoin fell 6.4%, while Solana saw a steeper decline of 14.3%.
Currently, the price of Bitcoin is $64,816, while Solana is trading at $136.81. Turning his attention to broader market movements, Crypto Mustache analyst recently shared its optimism about the potential for an upcoming Altseason, noting positive signs on Bitcoin’s three-week chart.
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He emphasizes the importance of patience and strategic accumulation of quality altcoins during this phase, suggesting that “good things” are on the horizon for those who stay the course.
BTC Dominance is about to make a bearish cross on the 3W chart and people are still doubting whether an Altseason will happen haha.
I hope you weren’t shaken, but good things take time.
I’m not selling, on the contrary, I add quality alts to my bags. pic.twitter.com/sYZrdWAmrf
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) June 19, 2024
Featured image created with DALL-E, TradingView chart