Analyst predicts altcoin rally as Ethereum (ETH) targets $15,000 in current bull cycle

2024-06-09 13:35:24 ET

An analyst on Crypto Banter’s The Sniper Trading Show said the altcoin rally phase is approaching.

Typically, this rally occurs towards the end of the bull cycle, indicating significant potential for gains soon.

Altcoin market sentiment: Still in disbelief

The analyst highlighted that altcoins have not yet entered the ‘Hope’ stage of the market cycle, remaining in a phase of disbelief.

This phase often precedes significant rallies, suggesting that an altcoin surge might be imminent.

Historically, altcoins rally during the later stages of the bull cycle, potentially offering substantial returns for investors.

Ethereum analysis and price targets

Focusing on Ethereum, the analyst pointed out that it is currently at the peak around 3.68 (Fibonacci levels), correlating with the previous top of $4,900. Using Fibonacci levels from the top to the bottom provides necessary levels for analysis.

When Ethereum surpasses these levels, it indicates the next move. If it fails to break through, it typically returns to the previous level, showing buyback zones if profits were taken.

The analyst has set ambitious targets for Ethereum at $7,000, $11,000, and $15,000.

He believes that if this is a true bull run, Ethereum should reach the 3.618 Fibonacci level, a pattern observed in every previous bull market.

Therefore, he is preparing for a potential high of $15,000, with interim targets at $7,000 and $11,000.

At the time of writing, ETH is trading at $3,696, up 0.4 percent in the last 24 hours on CoinMarketCap.

Market cap concerns and valuation warnings

Despite the optimistic targets, the analyst issued a cautionary note regarding the cryptocurrency market.

He warned that even though many cryptocurrencies have reached billion-dollar market caps, the real value might only be a fraction of that, around $300 million.

This discrepancy stems from the euphoria and excitement surrounding the market, which often leads to inflated prices.

Preparing for the altcoin rally

As altcoins remain in the disbelief stage, investors might see significant opportunities as the market transitions to the hope and optimism phases.

The analyst’s insights suggest that the current period could be ideal for strategic investments in altcoins before the anticipated rally.

The projected growth of Ethereum, with targets set at $7,000, $11,000, and $15,000, further supports the bullish sentiment.

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Analyst predicts altcoin rally as Ethereum (ETH) targets $15,000 in current bull cycle

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