- An analyst spots crucial developments involving Bitcoin and Ethereum.
- Bitcoin’s price is in consolidation and above the ideal entry zones.
- Ethereum is gaining momentum against Bitcoin ahead of a potential altcoin season.
A well-known cryptocurrency analyst on X has flagged key developments involving Bitcoin and Ethereum, the top two cryptocurrencies.
In his latest post, the analyst drilled down on the potential impact of Bitcoin’s ongoing consolidation and asked if Ethereum’s resurgence could spark an altcoin season.
Analyst Pinpoints Bitcoin “Entry Zones”
According to this analyst, Bitcoin’s recent behavior remains in line with consolidation, making the lower price levels ideal entry zones for bullish traders.
Meanwhile, he notes, Ethereum is showing a bullish “momentum switch,” actually performing better than Bitcoin. This, the analyst emphasizes, is a very positive sign for the altcoin market, something he says he hasn’t seen in years.
Bitcoin Support Range: $87K – $91.5K
To illustrate, the analyst even shared a screenshot of Bitcoin’s daily chart to highlight these “ideal zones” for entry. These zones fall within Bitcoin’s established support region dating back to December 2024, specifically the price range between $87,000 and $91,500.
Courtesy: Michaël van de Poppe
Data from TradingView confirms Bitcoin hasn’t broken below this level despite several attempts. However, if Bitcoin were to break below this entry zone, the analyst cautions it could be a bearish signal, potentially leading to a price drop to $71,000.
Ethereum Showing Bullish Strength Against Bitcoin
Crucially, the analyst observed Ethereum making a bullish move against Bitcoin just within the last 24 hours.
The ETH/BTC daily chart on TradingView shows the pair bouncing off a mid-term upward trendline, maintaining bullish momentum for the past two weeks. If this trend continues, it could indeed kickstart a bullish period for altcoins and potentially reverse the bearish sentiment that has dominated the crypto market since mid-January 2025.
Importantly, the altcoin market has been under pressure since mid-January. The total altcoin market cap reached a peak of $1.56 trillion on January 18 before plummeting to a yearly low of $1 trillion on
February 3. While there has been a partial recovery, the altcoins’ market cap currently sits at $1.21 trillion, with investors hoping an altcoin season will trigger a full rebound.
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