Analyst Forecasts Imminent “Altseason” Fueled by Key US CPI Data and Bitcoin Strength
A famous cryptocurrency analyst has increased volatility in the crypto market for the coming days. The analyst cited upcoming economic data from the US, developments in the stock market, and technical setups among the top crypto assets as potential triggers for his upside altcoin market prediction.
Market analysts are focusing on the US Consumer Price Index (CPI) data scheduled for release later today. The financial metric measures the change in the price of goods and services purchased by consumers. Investors consider it a crucial metric for gauging the government’s policy direction for economic adjustments.
Besides the expected CPI, the mainstream stock market setup reflects crucial signals that have attracted investors’ attention.
For instance, the stock market is trending close to an all-time high, and the analyst expects an upside breakout and a short squeeze that would move stock prices to higher levels. The expected indices would have to emerge positively for the rally to occur.
Meanwhile, local trends within the crypto market are showing early signs of a significant rally. Nearly all the top cryptocurrencies experienced notable volatility in the last few days, with Bitcoin aiming to retest the all-time high after surging about 10% in the past six days. The crypto analyst forecasted a breakout for Bitcoin that would see the crypto asset head toward the $120,000 price region.
Crucially, the forecast suggests that after this initial surge, Bitcoin will likely enter a period of consolidation. This phase is what could “give room to a parabolic surge among the altcoins” in what many traders refer to as an “altseason.”
According to the analyst, Ethereum (ETH), Ripple (XRP), Solana (SOL), Sui (SUI), and Sonic (formerly FTM) would lead the next phase of the altcoins rally. The analyst highlighted Ethereum’s bullish momentum, which saw the altcoin break above a significant resistance level of around $2,700.
He believes the flagship altcoin would lead the next rally phase and climb above $2,800 to open the way for higher price targets.