In the past week, the cryptocurrency market has faced significant challenges, losing $110 billion in value. Amid this turmoil, Bitcoin has strengthened its position, with its market dominance climbing to a nine-week high of 56.5%.
While Bitcoin continues to draw investors seeking safety, renowned crypto analyst Moustache has identified a potentially bearish signal on the Bitcoin 3-week (3W) chart. This has led to speculation about the possibility of an upcoming Altseason.
Moustache’s recent analysis points to the formation of a bearish cross on Bitcoin’s 3W chart, indicating a possible shift in market sentiment. Historically, such patterns have often preceded significant movements in the altcoin market, leading to a shakeout followed by the onset of an Altseason.
Despite the bearish signal, Moustache remains optimistic about the altcoin market.
“I’m not selling; on the contrary, I’m adding quality alts to my bags,”
This shows his confidence in carefully selected altcoins and encourages investors to remain calm amid the current market volatility.
Moustache also highlights changes in the 3W Gaussian channel indicator, which has shifted from red to green. This technical tool, known for its accuracy in predicting market trends, helps gauge market sentiment and potential price movements.
The last time such a rare occurrence happened was in 2020, preceding an extended period of Altseason. This historical pattern adds weight to Moustache’s observations, further fueling curiosity among investors and traders.
The crypto market took a hit last week, losing a whopping $110 billion in total market capitalization. While Bitcoin saw a minor 3% drop, altcoins bore the major brunt of the losses. Many altcoin projects suffered significant declines, sparking concerns among investors.
However, there is optimism about the altcoin market’s potential for a quick recovery. Many believe that despite recent setbacks, altcoins could bounce back quickly, offering opportunities for savvy investors.
Also Read : 30X Gains Incoming for Cardano’s ADA; Is $1 Back on the Cards?
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