Altcoins
Altcoin season is on the horizon as analysts predict a massive breakout ahead
Bitcoin’s recent climb above $71,000 has sparked excitement within the crypto community. After a long period of sideways trading and still far from reaching the ATH price, many in the cryptocurrency industry see this trend as a precursor to an upcoming altcoin season with the potential for significant price increases.
Renowned crypto analyst Michael van de Pop believes that the altcoin market is preparing for a massive breakout against Bitcoin (BTC).
Altcoin market on the horizon
According to Michael van de Pop, Bitcoin’s recent rise suggests an optimistic outlook, with the potential for further gains on the horizon. If Bitcoin breaks the $70,000 mark, it could pave the way for a new all-time high, sparking excitement among cryptocurrency enthusiasts.
This positive sentiment is in line with the resilience seen in the altcoin market, which has consistently tested the $315 billion mark despite Bitcoin’s volatility. This consistent behavior amid market swings could set the stage for the upcoming bull run.
Also, strength shown by altcoins not only does it bolster confidence in the broader crypto ecosystem, but it also signals a broader bullish trend in the market. However, it is worth noting that despite the recent correction of most altcoins from their mid-March highs, Bitcoin continues to remain near its record peak of over $70,000.
Historical models predict ALTSeason
Echoing a similar bullish stance crypto analyst Mustache has drawn attention to a compelling historical pattern, suggesting that altcoins may be on the verge of a significant breakout.
Although Mustache points to a notable historical event in 2020, when altcoins broke out of the Gaussian Channel and subsequently tested it again. During this period, buy signals emerged in both the super trend and EMA 10 indicators, signaling sustained bullish momentum for altcoins.
Based on the observed historical pattern and current market conditions, Mustache expresses optimism that altcoin season is imminent. This sentiment is supported by technical indicators and past market behavior, suggesting a potential rise in altcoin prices soon.
Altcoin dominance
The total market capitalization of cryptocurrencies it currently stands at 2.565 trillion, reflecting an increase of 0.71% compared to the previous day. Altcoins hold a market capitalization of 293.173 billion.
In particular, altcoin dominance has seen a slight increase, currently standing at 11.4%. This indicates a shift in investor interest from Bitcoin to altcoins, with the aim of securing substantial profits.