Bitcoin and Ether are finding buyers at higher levels, indicating that the respective overhead resistance levels are weakening and new all-time highs could be on the way.
Bitcoin (BTC) cleared the $70,000 psychological barrier on May 27 after a three-day struggle. This suggests that the bulls remain in control. However, some analysts do not believe a breakout is likely in the near term. Analyst Rekt Capital highlighted that the post-halving reaccumulation phase typically lasts for 160 days. Hence, Bitcoin may remain sideways for a few more weeks.
Bitcoin’s muted performance and the approval for spot Ether (ETH) exchange-traded funds (ETFs) have shifted focus to Ether. Several analysts are bullish on Ether, and they expect it to rally. DeFiance Capital founder Arthur Cheong said in a post on X that Ether could rally to $4,500 before the launch of the spot ETFs.
It is not only Ether; analysts are also bullish on altcoins. Analysts believe that, similar to previous cycles, after the rally in Bitcoin and Ether, it is time for altcoins to play catch up.
