Altcoins
Altcoin Season Could Start in the Next 5 Weeks with a 10x Rally: Here’s Why
Cryptocurrency chills? Not so fast!
The cryptocurrency market capitalization has fallen nearly three percent over the past 24 hours, settling around $2.37 trillion in the early European session on Wednesday. After five straight days of modest cash inflows, U.S.-based spot Bitcoin exchange-traded funds (ETFs) saw a net outflow of about $14 million on Tuesday.
The price of Bitcoin (BTC) has sent the altcoin market into a downtrend, triggering the forced liquidation of over $120 million from leveraged cryptocurrency trading. This sudden shift has sent shockwaves through the market, affecting numerous traders and investors.
Things are getting interesting! Here’s everything you need to know.
A macro bull cycle underway
Despite the recent decline, the cryptocurrency sector is in a macro bull cycle that officially began after the fourth halving in April. The approval of spot Bitcoin and Ethereum ETFs in the United States, Hong Kong, and Thailand have added bullish momentum to the market. Analysts are comparing the 2024 crypto bull run to the 2017 cycle, which was characterized by significant adoption by retail investors.
Bitcoin has hit a new all-time high of around $73,000, even before the fourth halving event, signaling the start of a super cycle. Given the current data, it is safe to assume that the 2024 cryptocurrency bull cycle is far from over.
Experts’ forecast: a re-accumulation phase
According to a popular cryptocurrency analyst known as Moustache (@el_crypto_prof) on the X platform, the cryptocurrency sector has entered a reaccumulation phase following a successful bullish breakout in the first half of the year. The analyst expects the euphoric phase of the crypto bull run to begin in the next five weeks.
Moustache compared the current bullish breakouts to those of 2016 and 2020, noting a similar fractal pattern. This suggests that a reversal of Bitcoin’s dominance could trigger the parabolic phase of the altcoin bull cycle, leading to substantial gains for investors.
Read also: How Billy turned $1,116 into $6 million in one month?
It’s time to review your cryptocurrency portfolio and change your strategy!