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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.
- Sep 09, 2024 08:09 UTC
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Is Altcoin Season Starting? Analyst Reveals Rare Buy Signal
Altcoin surge expected once Bitcoin dominance breaks down from rising wedge pattern.
Analysts predict altcoins may outperform Bitcoin in Q4, signaling a potential breakout.
Altcoin season still far, with Blockchaincenter's score at 27, below 75 target.
Bitcoin’s recent drop to its lowest price in months and its decreasing dominance in the crypto market have analysts predicting that an altcoin season might be imminent. A new analysis from leading crypto experts has revealed a pattern that could signal a major shift in the cryptocurrency landscape.
Here’s what you need to know.
Rising Wedge: A Bearish Signal?
In a recent tweet, well-known crypto trader Captain Faibik pointed out a rising wedge pattern in Bitcoin’s dominance chart over the weekly timeframe. This pattern often suggests a potential market reversal or breakdown.
Faibik believes that an altcoin surge could begin if Bitcoin’s dominance falls through this rising wedge formation. Typically, a rising wedge is seen as a bearish signal, indicating that Bitcoin’s dominance might be weakening.
Rare Buy Signal for Altcoins
Supporting Faibik’s analysis, prominent crypto analyst Mikybull Crypto has spotted a rare buy signal in the altcoin dominance chart.
This signal is particularly noteworthy because it’s the first of its kind to appear on the macro capitulation channel since 2016. This rare event hints that altcoins might be preparing for a significant move.
Altcoins to Watch
If past trends continue, we might see altcoins outperform Bitcoin and other major cryptocurrencies in the fourth quarter, setting the stage for a possible altcoin season.
However, according to the latest Blockchaincenter report, the altcoin season is still some way off, with a current score of just 27. The target to start the season is a score of 75%, which hasn’t been reached yet. Nevertheless, some altcoins have shown impressive growth recently.
For example, the Sun Token (SUN) has surged by 187.63% over the past 90 days, and TON’s Notcoin (NOT) has risen by 131.71% this season.
As these trends develop, keeping an eye on the market will be crucial to see if an altcoin season truly emerges.
The altcoin season may be closer than you think. Make your moves before its too late.
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