#Over 100 Companies Hold Over 830,000 BTC#
According to reports as of June 19, more than 100 companies collectively hold over 830,000 BTC, worth about $86.476 billion.
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The Decline of BTC, the Rise of ETH, and an Altseason: Analyst's Perspective
Technical crypto analysts have found their voice following the return of significant volatility in the crypto market. The latest Bitcoin rally has pulled along the rest of the crypto market, creating notable activity across the industry and causing technical indicators to show recognizable patterns for market analysis. Such an analyst has released a podcast warning Bitcoin traders about an upcoming consolidation after the latest rally. The analyst has detected a bearish divergence on Bitcoin's RSI indicator, noting that this cryptocurrency may decline or begin to trend sideways in the short term before continuing to rise. Despite predictions of a pullback, analysts believe that Bitcoin remains on a significant bullish trajectory, providing momentum for the final leg of the current rally. According to him, this pioneering crypto will fulfill its cyclical potential by rising to the range of $13,000 – $150,000, but not before a temporary pullback. In addition to Bitcoin, this analyst also emphasized the special rally of Ethereum, identifying the latest rally of this altcoin as the most impressive move among the top cryptocurrencies in the past week. Ethereum has increased nearly 50% in the past six days to surpass the $2,600 mark for the first time since the last week of February 2024. According to the analyst, Ethereum is still undervalued and maintains significant bullish momentum that could lead to further gains. Using on-chain data, he noted that the bullish opportunity for Ethereum is very large, predicting a target of $4,000 for the leading altcoin in the current rally. Meanwhile, analysts believe that the crypto market is in the early stages of the altcoin season, considering the behavior of leading cryptocurrencies. He cited the typical trend where altcoins rally strongly at the end of a Bitcoin bullish cycle, noting that BTC is nearing the end of its latest rally, which will lead investors to shift their interest to altcoins, increasing demand and causing the altcoin market to become bullish.