- Altcoins will remain in the accumulation phase until after the next Bitcoin halving, says Zero Ika.
- The crypto analyst expects a temporary altcoin rally this summer.
- The current accumulation range has $460B as range high and $290B as range low.
According to ZERO IKA, a crypto analyst on Twitter, altcoins will remain in the accumulation phase until after the next Bitcoin halving. However, he anticipates altcoins regaining market share this summer.
Ika drew his analysis from TradingView data on “TOTAL3” which shows the cumulative market capitalization of all cryptocurrencies except Bitcoin and Ethereum. The TOTAL3 value, which stood at $328.667 billion at the time of writing, falls into an accumulation range that has $460B as range high and $290B as range low.
At this level, Ika identifies a significant opportunity for altcoin proponents based on his projections for the future. He believes altcoin investors have enough time to accumulate digital tokens before April of next year. Although he anticipates a rally this summer, it would be a temporary move to claim some ground against Bitcoin, which he thinks will also surge.
The crypto analyst shared his trading plan for the coming season with his Twitter followers. According to him, he would evaluate the narrative around the early stages of future price expansions. By doing so, he can guarantee the altcoins that would return the most significant gains.
He also made clear his plans to scale slowly from Bitcoin to altcoins at the end of this year and the beginning of 2024. However, he noted that if Bitcoin achieves a new all-time high (ATH) this year, plans would change, and he would re-evaluate his market analysis.
Bitcoin traded at $30,190 at the time of writing after reaching a yearly high of $31,500. Several analysts believe that the flagship cryptocurrency will attain a new ATH soon. TradingView data shows Bitcoin’s current ATH at $69,000, a price it achieved in November 2021, during the last bull run.
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