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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Oct 24, 2024 07:32 UTC
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Altcoin Season Coming? Top Analyst Predicts Massive Rally as BTC.D Drops
Analyst Moustache says the bullish pattern points to an โup onlyโ altcoin season.
The current market offers favorable conditions to accumulate altcoins at low prices.
Bitcoin's dominance falls from 60%, signaling potential growth for altcoins.
The cryptocurrency market is buzzing with excitement as Bitcoinโs dominance drops from a 3.5-year high of 60%. This decline has reignited hopes for an upcoming altcoin rally. Prominent crypto analyst Moustache believes the Altcoin Index is showing one of the strongest bullish patterns in years, signaling a potential “up only” season for altcoins.
Read on to discover why the experts are hyped!
Bullish Signal On Altcoin Chart
Moustache recently pointed out that the Altcoin Season Index is forming an inverse head and shoulders patternโthe most bullish setup seen in 3.5 years. This technical pattern often indicates a major upward trend, suggesting that a strong rally for altcoins might be on the way if the pattern holds.
According to Moustache, the altcoin market has been developing this pattern for several years and is now nearing completion. Many altcoins are still trading 90% below their all-time highs, creating favorable buying conditions for investors.
So far, 37 altcoins have outperformed expectations. However, for a full altcoin rally to begin, at least 50 altcoins need to show significant growth, indicating a new altcoin season is underway.
Lessons from the Last Bitcoin Halving
Looking back at the previous Bitcoin halving event in May 2020, this marked a turning point that led to a massive Bitcoin rally, pushing its price above $40,000 in 2021. However, it took time for altcoins to catch up. From early 2021 to late March, the altcoin market cap grew from $120 billion to about $500 billion.
Post-Halving 2024: Will History Repeat Itself?
Now, in the current post-halving phase, altcoins have yet to see a major rally, even as Bitcoin recently hit a July high of $69,000. Still, signs suggest they may follow a similar pattern to 2021. While some experts predict altcoins might start to outperform Bitcoin by early 2025, others believe the conditions for a breakout could already be forming.
As an investor, what are your strategies for capitalizing on the potential altcoin rally?
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