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COINTURK NEWS > Altcoin News > Is Altcoin Season Coming? Market Guru Predicts Bomb Forecast for Bitcoin Price
Altcoin News

Is Altcoin Season Coming? Market Guru Predicts Bomb Forecast for Bitcoin Price

In Brief

  • It may be time for the crypto investors to enter the “altcoin season,” which is defined as a specific moment when most altcoins outperform Bitcoin (BTC) in a bull market. According to experienced crypto analyst Moustache, if altcoins repeat a formation breakout from three years ago, a strong altcoin season could occur.ContentsFamous Formation Gives Signal […]
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It may be time for the crypto investors to enter the “altcoin season,” which is defined as a specific moment when most altcoins outperform Bitcoin (BTC) in a bull market. According to experienced crypto analyst Moustache, if altcoins repeat a formation breakout from three years ago, a strong altcoin season could occur.

Contents
Famous Formation Gives Signal for Expected Rise in AltcoinsMarket Value of Altcoins Signals Another Altcoin Season

Famous Formation Gives Signal for Expected Rise in Altcoins

As in previous cycles, Bitcoin leads each cycle by initiating an upward movement and increasing its dominance over the market. Altcoins start following BTC’s leadership after consolidating during this process. Interestingly, altcoins tend to outperform the largest cryptocurrency during this period.

After a highly profitable period for Bitcoin investors, analysts speculate whether an altcoin season is about to start before the end of the year. Especially, BTC’s dominance reaching 52% since November 2022 and its value increasing by over 130% triggers comments that it is now altcoins’ turn.

Crypto analyst Moustache identified an important breakout for altcoins from the Gauss Channel by imitating a formation from three years ago. The same formation was also broken in 2016, initiating the first major altcoin season in history.

Market Value of Altcoins Signals Another Altcoin Season

The “CRYPTOCAP: TOTAL 2” index provided by TradingView measures the total market value of altcoins excluding BTC. In Mustache’s analysis, this index indicates a market value of $664.66 billion for altcoins. Remarkably, the market value of altcoins consolidated within the Gauss Channel on the weekly chart and experienced a major altcoin season in the last two breakouts.

If the same story repeats, Bitcoin’s dominance is expected to fall below the 50% level it has maintained since June of this year. Bitcoin dominance reached its highest level of the year at 54.35% on October 25.

At this point, it is important to note that past price movements do not guarantee future repetitions. Even after a breakout from the Gauss Channel, an altcoin season may not occur. Demand plays a crucial role in increasing the market value of altcoins.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 November, 2023 - 11:58 pm 25 November, 2023 - 11:58 pm
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