An altcoin bull run would first require Bitcoin to break out from its current range, according to Nansen’s principal research analyst.
Bitcoin (BTC) aside, the cryptocurrency market could find its local bottom in June, marking the start of the next altcoin bull cycle, according to market analysts.
Based on historical chart patterns, altcoins could be set to find their local price bottom around the beginning of June, according to popular crypto analyst Rekt Capital, who wrote in a May 8 X post:
The altcoin market took a beating during the past month. The market cap of altcoins, excluding the 10 largest cryptocurrencies, fell over 21% during the previous month to $265 billion.