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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.
- Jun 05, 2024 09:19 UTC
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Analysts Eye Altcoin Season as Market Momentum Builds
Analyst Michael van de Pop sees altcoin breakout amid Bitcoin's positive momentum.
Altcoin dominance rises, investors shift focus, eyeing profits amidst changing trends.
In 2020, altcoins showed upward momentum with buy signals, echoing current market sentiment.
Crypto bulls, this is a good time for you!
Bitcoin’s recent surge past $71,000 is sending shockwaves through the market. But could this be just the beginning? While it hasn’t reached its all-time high yet, whispers of an epic altcoin season are swirling. Could altcoins be poised for a massive breakout, leaving even Bitcoin in the dust?
Read on to find out what analysts are predicting and why this could be a golden opportunity for investors.
Bitcoin Gains Momentum
Renowned crypto analyst Michael van de Pop believes that the altcoin market is gearing up for a major breakout against Bitcoin (BTC). He sees Bitcoin’s recent climb as a positive sign, hinting at possible further gains. If Bitcoin manages to break through the $70,000 mark, it could set the stage for a new ATH, sparking enthusiasm among crypto enthusiasts.
Despite Bitcoin’s ups and downs, the altcoin market has shown remarkable resilience, consistently testing the $315 billion mark. This steadfast behavior amidst Bitcoin’s volatility suggests a potential upcoming bull run, boosting confidence in the broader crypto ecosystem.
What History Tells Us
Another crypto analyst, Moustache, points to a significant event in 2020 when altcoins broke out of the Gaussian Channel and then retested it. During this period, buy signals emerged in both the super trend and the EMA 10 indicators, signaling sustained upward momentum for altcoins.
Based on historical patterns and current market conditions, Moustache remains optimistic about the imminent arrival of an altcoin season. Supported by technical indicators and past market behavior, there’s growing anticipation of a potential surge in altcoin prices.
Market Figures & Trends
The total crypto market cap currently stands at a whopping 2.565 trillion, marking a 0.71% increase from the previous day. Altcoins hold a market cap of 293.173 billion, with altcoin dominance experiencing a slight uptick, currently resting at 11.4%.
This subtle shift in investor interest from Bitcoin to altcoins highlights a strategic move to explore opportunities within the altcoin market.
Ready to jump on the altcoin bandwagon? Or are you staying loyal to Bitcoin? Weigh in with your investment strategy.
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