Altcoin Market Cap Consolidating Before a Big Breakout: Here’s When an Altseason May Begin

The Bitcoin price surged above $68,000, while the Ethereum price is above $3800, as the markets gained momentum after facing significant bearish heat. With this, the other altcoins have gained strength, led by the memcoins PEPE, FLOKI, etc., and many more. This may again fuel the expectation of a probable Altseason which may occur in the coming months. 

The weekly chart of the altcoin market cap has been displaying a similar price action that it displayed after facing rejection from its highs. After rising above the crucial resistance zone, the price faced a minor pullback, just like it did before the start of the 2022 bear market. Now it appears that the retracement phase has been completed, which may kick-start a fresh upswing, probably beyond $1.4 trillion. 

The altseason is usually triggered by a steep rise in Ethereum prices, which are considered the mother of all altcoins. Now that some stability has been seen in the ETH prices, the possibility of a revival of a previous pattern has emerged. A popular analyst, Moustache, refers to the monthly chart of Ethereum and says that a strong altseason is in preparation. 

Referring to the above chart, the analyst lists out the similarities between the 2020 and the current trade setup. A similar RSI pattern, a similar retest, and the rally holding crucial support all suggest that a strong altseason is very close enough. Therefore, all eyes are now on the Bitcoin (BTC) price rally, which is stuck between $68,000 and $70,000. A fine bullish move beyond the pivotal resistance at $72,000 may push the Ethereum (ETH) price beyond $4,500. 

After being just a few dollars away from their respective ATH, the market participants are expected to become confident in the upcoming trend. This is when a final upswing towards a new ATH may be triggered, initiating a fresh Altseason, probably in the last quarter of the year. 

Also Check Out : Pepe Triggers a Massive Rebound; Will FLOKI Follow a Bullish Trend & Soar by 20%?