Altcoins
The legendary crypto analyst believes that the Altcoin season will begin soon
While cryptocurrency markets have lost $110 billion in the past week, Bitcoin tightens its grip as investors flock to safety pushing market dominance to 9-week highs of 56.5% of total cryptocurrency market capitalization. cryptocurrencies.
While the short-term trend favors Bitcoin, legendary cryptocurrency analyst Mustache recently highlighted a potentially bearish signal on the Bitcoin 3W chart, raising speculation about the possibility of an imminent Altseason.
Bearish cross formation
In a recent analysis, Mustache highlights the formation of a bearish cross on the 3-week chart Bitcoin dominance, suggesting a change in market sentiment. Considering a historical trend, such events led to a shakeup in the altcoin market before the start of the altcoin season.
Additionally, Mustache shows his confidence in the altcoin market by stating, “I’m not selling; instead, I’m adding quality alternatives to my bags.”
This statement reflects his confidence in the potential of altcoin selection and urges investors not to panic.
The historical model suggests the next alternative season
In addition to the analysis of Bitcoin dominance, Mustache sheds light on the changes observed in the 3W Gaussian channel indicator, moving from red to green. This technical analysis tool, used to understand market sentiment and potential price movements, is highly regarded for its accuracy in predicting market trends.
The last time such a rare event occurred was in 2020, before an extension of the period Altseason period. This historical pattern adds weight to Mustache’s observations, further fueling curiosity among investors and traders.
Current Altcoin Market
The cryptocurrency market took a hit last week, losing a whopping total market capitalization of $110 billion. While Bitcoin saw a slight 3% decline, altcoins bore the brunt of the losses. Many altcoin projects have suffered significant declines, raising concerns among investors.
However, some remain optimistic about the potential for a rapid recovery in the altcoin market. Despite recent setbacks, there is hope that altcoins will quickly recover from the crisis.