tl;dr
Swissblock, a digital asset research firm, sees strong potential for further Bitcoin price gains, supported by improved on-chain fundamentals rather than speculation. Bitcoin's value has risen nearly 10% in the past week to about $119,154. Regarding altcoins, Swissblock notes a breakout from consoli...
A leading digital asset research firm, Swissblock, highlights significant potential for further Bitcoin (BTC) price appreciation. Their analysis, shared on social media platform X, centers around the BTC Fundamental Index, which indicates that on-chain fundamentals have regained strength. This shift implies that Bitcoin's recent upward movement is supported by structural factors rather than mere speculation, pointing to sustained upside momentum. Currently, Bitcoin is valued at approximately $119,154, marking a near 10% increase in the past week.
Turning attention to altcoins, Swissblock addresses the pressing question of whether altseason is approaching. They observe that the altcoin market has broken out of a prolonged consolidation phase, with chart structures suggesting the initiation of a classic 5-wave Elliott Wave sequence. The firm notes that Wave 5, known for rapid and steep price advances based on historical precedents in 2017 and 2021, may now be underway. Their targets for total altcoin market capitalization range between $1.79 trillion and $3.37 trillion.
Swissblock's interpretation of these wave patterns aligns with the Elliott Wave Theory, which analyzes market trends as a series of waves influenced by investor psychology. While they suggest altseason could already be here, they also caution it might represent the final surge before the current market cycle reaches its peak, signaling a pivotal moment for crypto investors to watch closely.