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Ethereum's breakout has set the stage for a massive altcoin rally, with gains pushing as high as 75% amid Trump’s election win. As Bitcoin hovers at $75,000, analysts forecast a bullish run for Ethereum and Solana, igniting fresh momentum in the crypto market.
Bitcoin Reaches Record High After Trump's Election
When Donald Trump was elected president on November 6, the price of bitcoin reached a record high, rising as high as $75,000 on that day. The bulls are making an effort to maintain these levels, but investors are more interested in altcoins.
With a 12% gain, the price of Ethereum has risen to $2,850 and is forecasting more climbs to its all-time highs. Despite intense selling pressure from Ethereum whales, this comes to pass.
Ethereum Breaks Out Despite Whale Selling Pressure
According to well-known cryptocurrency analyst IncomeSharks, the price of ETH has broken out from the negative trendline slope, paving the way for a 75% rebound to new all-time highs.
Aside from that, the ETH/BTC trading pair has risen slightly after touching lower lows in the previous few months. "With ETH/BTC at 0.035 it definitely makes sense to start hedging," Cowen said. Nevertheless, he emphasized that in order to confirm the bottom formation, the ETH/BTC pair must close above the 50 DMA.
Solana Surges Amid ETF Speculation
After Donald Trump's triumph, several cryptocurrencies, including Ethereum, saw significant price increases. One such coin is Solana. Once again, speculation that the Trump administration may approve a spot Solana ETF has sent the price of Solana soaring to $188. Consequently, experts are seeing a SOL rise to $300 levels going forward.
Is It Too Early to Declare Altseason?
Although Bitcoin's supremacy is now apparent, some market watchers argue that it's too soon to declare the altseason. Furthermore, this might only be the start of Bitcoin's next big upswing.
Analysts Predict Bitcoin's Next All-Time High
Bitcoin, according to seasoned trader Peter Brandt, has hit a "sweet spot" in the present bull market halving cycle, which bodes well for the cryptocurrency's future. Brandt predicts that Bitcoin's value will reach a new all-time high of $130,000 to $150,000 in August or September of next year.
Crypto analyst Ali Martinez agreed, noting that it often takes 8 to 12 months after a monthly closing above the previous all-time highs for Bitcoin to reach its next peak. Therefore, he anticipates that the next Bitcoin peak will occur sometime between July and November of 2025.
Market Indicators Suggest Further Growth
The latest all-time high of Bitcoin does not indicate an overvaluation in relation to its cost basis, according to CryptoQuant, a blockchain analytics company. Bitcoin prices are still much lower than their all-time highs, according to the company's MVRV ratio statistics, Coingape shares.
There is no present overheating in the market because the price of Bitcoin is close to the average buying cost for dealers. All signs indicate that Bitcoin's value could keep going up.
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