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An expert predicts that the altcoin markets will experience a “parabolic rise” in the near future.
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The forecast relies on upcoming CPI figures, a strong stock exchange, and a Bitcoin breakout.
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Ethereum is expected to lead the rally, followed by XRP, Solana and Sui.
A well-known cryptocurrency analyst has predicted that the crypto market will be volatile in the next few days. The analyst cited the upcoming US economic data, developments on the stock market and technical setups in the top crypto assets to make his prediction for an upside altcoin market.
Analysts are focused on the US Consumer Price Index data that will be released later today. The financial metric measures changes in the prices of goods and services bought by consumers. Investors view it as a key metric to gauge the government’s economic policy direction.
US Inflation data and Stock Market Strength in Focus
The stock market setup is a reflection of important signals that have caught the attention of investors.
Analysts may expect a breakout to the upside and a short squeeze to move the stock prices higher. For the rally to happen, the expected indices must be positive.
Related: Upcoming US CPI report to test Fed rate cut hopes after strong jobs data
Bitcoin Breakout Seen As The Final Trigger For “Altseason”.
Local trends in the crypto market show early signs of a significant rally. In the last few weeks, nearly all of the top cryptocurrencies have experienced significant volatility. Bitcoin is aiming to retest its all-time high following a 10% surge in the past six day. The crypto analyst predicted that Bitcoin would reach $120,000 in price.
The forecast indicates that Bitcoin will likely enter into a period consolidation after this initial surge. This phase could “give room for a parabolic rise among the altcoins,” in what many traders call an “altseason.”
RelatedBitcoin is on the cusp of a breakout: Analyst predicts CPI impact
According to the analyst’s predictions, Ethereum (ETH), Ripple(XRP), Solana(SOL), Sui(SUI), Sonic (formerly FTM), and Sui (SUI) will lead the next phase in the altcoin rally. The analyst highlighted Ethereum’s bullish momentum. The altcoin broke above a significant level of resistance around $2,700.
He believes that the flagship altcoin will lead the next rally and climb above $2.800 to open up higher price targets.
