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Upcoming Altseason? Analysts Spot Bullish Signs in Technical Charts


The cryptocurrency community is abuzz with speculation of an impending ‘altseason,’ a period typically marked by substantial gains in alternative cryptocurrencies, or ‘altcoins.’

Traders and analysts have noted several bullish signs on technical charts that suggest smaller-cap cryptocurrencies could soon see significant value increases.

Analysts: Altseason’s Arrival Seems Unavoidable

Renowned trader and analyst Rekt Capital recently highlighted that despite Bitcoin’s volatile price action, the altcoin market cap has consistently tested the $315 billion mark as a support level. This steadfast behavior amidst market swings could signify a foundation for the next bull run.

Altcoin market cap excluding top 10
Altcoin market cap excluding top 10. Source: Rekt Capital

Crypto enthusiasts often look to altcoins for their higher risk-to-reward ratio, anticipating considerable surges during bull market phases. Traditionally, altcoins tend to follow Bitcoin’s lead, with their value appreciations lagging behind the premier cryptocurrency’s price movements.

Market capitalization charts and Bitcoin dominance metrics serve as indicators for analysts predicting when altcoins might embark on a bull season. Nevertheless, most altcoins have recently corrected following mid-March highs, while Bitcoin remains near its record peak of over $70,000.

Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024

Analyst Crypto Nova suggests that a shift in Bitcoin dominance is typically the precursor to altcoins outshining their predecessor. Although a reversal is not yet apparent, she notes that the lateral movement on the chart often precedes such changes.

https://x.com/CryptoGirlNova/status/1777637932372811979
Bitcoin Dominance. Source: Crypto Nova

“But overall speaking it’s increasingly clear and almost good as guaranteed that the shift from Bitcoin outperformance (BTC dom rising) To altcoin outperformance (BTC dom dropping) is happening,” Crypto Nova Added.

Bull Run Post BTC Halving?

Adding to the discussion, technical analyst Titan of Crypto has publicly expressed belief in another upcoming altseason. They assert that the Ichimoku indicator will likely obstruct Bitcoin dominance and herald the arrival of the altseason.

“I personally believe there will be another altseason. And like in 2021, SSB (Senkou Span B), the strongest line of Ichimoku, will play a big role in blocking Bitcoin dominance, initiating the Altseason2024,” Titan of Crypto stated.

Market Cap BTC Dominance.
Market Cap BTC Dominance. Source: Titan of Crypto

In a recent communication to his followers, analyst Kevin Svenson posited that the altcoin market cap is primed for a considerable bullish run. He emphasizes the post-Bitcoin halving phase as a historical pivot point towards increased interest in altcoins.

“People often forget … AFTER #Bitcoin‘s Halving is when the narrative shifts toward $Alts,” Svenson said.

Crypto Total Market Cap Excluding BTC and ETH.
Crypto Total Market Cap Excluding BTC and ETH. Source: Kevin Svenson

The crypto market cap hovers around $2.7t trillion, with most altcoins trading flat. Investor anticipation is palpable as market observers await the shifting tide. The evidence mounting in technical charts signals that altcoins may soon take center stage, heralding a potentially lucrative altseason.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.




Conclusion

In conclusion, the cryptocurrency community is eagerly anticipating an ‘altseason,’ characterized by significant gains in alternative cryptocurrencies. Analysts have highlighted bullish signs on technical charts, indicating that smaller-cap cryptocurrencies could experience substantial value increases soon. Market capitalization charts and Bitcoin dominance metrics are being closely monitored to predict when altcoins might enter a bull market phase. While most altcoins have recently corrected, Bitcoin remains near its all-time high. Analysts believe that a shift in Bitcoin dominance will precede altcoins outperforming Bitcoin. Overall, the evidence in technical charts suggests that altcoins may soon take center stage, initiating a potentially profitable altseason.

  • bitcoinBitcoin (BTC) $ 66,184.00
  • ethereumEthereum (ETH) $ 3,501.01
  • bnbBNB (BNB) $ 605.03
  • solanaSolana (SOL) $ 144.30
  • xrpXRP (XRP) $ 0.476685
  • cardanoCardano (ADA) $ 0.411078
  • shiba-inuShiba Inu (SHIB) $ 0.000021
  • polkadotPolkadot (DOT) $ 6.16