Bitcoin has not yet determined its direction after reaching a new low of $64,300. However, a popular cryptocurrency analyst has explained the expected scenario. We are examining the latest assessment of a market expert who shared his predictions for the altcoin rising season. Here’s what awaits the cryptocurrency markets.
Will Cryptocurrencies Rise?
Altcoin season is a term used for periods when assets other than BTC perform much better. The popular cryptocurrency commentator Moustache has taken a look at the total value graph of cryptocurrencies in his latest market assessment. He says that TOTAL2 has completed the ABC correction stages of the Wyckoff Method and now the moment of breakout is approaching.
The same analyst wrote the day before that TOTAL2 had escaped from a falling wedge in the monthly chart and could experience a performance similar to that seen during the 2020-2021 market cycle. Both predictions indicate that an impressive rally for altcoins is about to start.
Lark Davis on Altcoins
Another cryptocurrency analyst, Lark Davis, points out that the altcoin market value has reclaimed support provided by the 50-day exponential moving average while looking at TOTAL2. Even if the market briefly falls below this level in the short term, the MACD confirms the expectation of a rise.
“With the MACD crossover moving upwards, we might be on the brink of something big.”
Daan Crypto Trades
Our third analyst is not so optimistic. Known for his cautious comments, Daan Crypto Trades says sentiment towards altcoins is “quite low” and investors are starting to become pessimistic. According to the Blockchain Center’s altcoin season index, we still cannot see a strong positive divergence in assets other than BTC.
In a real altcoin season, the top 50 cryptocurrencies need to perform better than Bitcoin for 90 days. However, these days if BTC falls by 1, the biggest altcoins fall by 1.5, and the situation is not really indicative of an altcoin season.
BTC price has not yet returned to a safe area like $69,000. Investors are worried because a potential rapid drop in BTC price to $51,000 could lead to losses that won’t give altcoins a chance to escape.
