The post Altcoins Season To Begin Soon Says Top Analyst, Citing Previous Historical Pattern appeared first on Coinpedia Fintech News
Prominent analyst Mikybull Crypto has shared insights, suggesting that the recent dip in the altcoin market cap may be the last shake-off before a potential explosive upward movement. Coupled with the declining trend of Bitcoin dominance, this development hints at a forthcoming surge in altcoin valuations. Altcoins Market Set to Explode In a recent analysis …
The post Altcoins Season To Begin Soon Says Top Analyst, Citing Previous Historical Pattern appeared first on Coinpedia Fintech News
Prominent analyst Mikybull Crypto has shared insights, suggesting that the recent dip in the altcoin market cap may be the last shake-off before a potential explosive upward movement. Coupled with the declining trend of Bitcoin dominance, this development hints at a forthcoming surge in altcoin valuations.
Altcoins Market Set to Explode
In a recent analysis by crypto expert MikybullCrypto, attention is drawn to the Altcoins Market Cap, excluding Bitcoin and Ethereum. This metric has caught the eye of many as it mirrors past trends seen during the 2021 altcoin seasons.
#Altcoins market cap is perfectly following the previous Alts season step.
This is the last shake-off before it rips explosively upward coupled with Bitcoin dominance downward trend.
The ball is in your court and I have done my best to show you the chart that will ease your… pic.twitter.com/nJRyUE1v1i
— Mikybull
Crypto (@MikybullCrypto) April 13, 2024
The chart provided by Mikybull Crypto indicates a pattern where the altcoin market cap experiences a dip before embarking on a sharp upward trajectory. This pattern is similar to previous 2021 cycles, fueling speculation among traders and investors.
If history repeats itself, this could mean a positive phase ahead for altcoins, presenting potential opportunities for investors.
Declining Bitcoin Dominance
Furthermore, the analysis highlights the inverse relationship between altcoin’s market cap and Bitcoin dominance, suggesting that as altcoins gain momentum, Bitcoin dominance is expected to decline. Altcoin season may be on the horizon as altcoin dominance rises to 11.75%, while Bitcoin holds at 55.65%.
This observation aligns with historical trends, where periods of altcoin surge coincide with a decrease in Bitcoin dominance.
Rising Trading Volumes
Another significant sign of the start of altcoin season is a surge in trading volumes across various altcoins. Increased trading activity reflects heightened market participation and liquidity in altcoin markets. As trading volumes surge, traders anticipate greater price volatility and potential opportunities for profit.
Notable Price Breakouts
Significant price breakouts and upward momentum in altcoin prices indicate an impending altcoin season. Altcoins like Solana have recently experienced significant price movements, breaking through key resistance levels.
However, monitoring these breakouts enables traders to identify emerging bullish trends and capitalize on potential opportunities.
