- October 24, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Altcoin Season Coming? Top Analyst Predicts Massive Rally as BTC.D Drops appeared first on Coinpedia Fintech News
The cryptocurrency market is seeing some exciting changes, especially with Bitcoin’s dominance dropping from its 3.5-year high of 60%. This shift has sparked fresh hope for an upcoming altcoin rally. Meanwhile, popular crypto analyst Moustache believes that the Altcoin Index is showing one of the strongest bullish patterns, pointing to a potential “up only” season for altcoins.
Bullish Signal On Altcoin Chart
In a recent tweet post, Moustache pointed out that the Altcoin Season Index is forming one of the most bullish patterns in 3.5 years, an inverse head and shoulders. This pattern is often a sign of a huge upward trend, and analyst believes it could mean an “up only” season for altcoins.
According to Moustache, the altcoin market has been building this exact pattern for years. Now, it’s nearing completion, and a strong rally might be just around the corner. Meanwhile, if the pattern plays out, we could be looking at a huge altcoin rally soon.
The current market shows a favorable buying condition for altcoins, with many of them being 90% below their all-time high prices.
Further looking at the altcoin index, 37 altcoins have outperformed so far. However, for a full altcoin rally to begin, 50 altcoins need to show significant growth.
Past Pattern Hints Altcoins to Rally in 2025
Drawing a parallel to the previous Bitcoin halving event in May 2020, which marked a major turning point and set the stage for a massive rally in 2021, taking Bitcoin’s price to over $40,000. However, altcoins took some time to catch up.
Meanwhile, from early 2021 to late March, altcoins saw their market cap rise from $120 billion to about $500 billion.
Now as we are in the post-Bitcoin halving period, altcoins haven’t rallied much yet as BTC recently hit its July high of $69K. But signs suggest that they may follow a similar pattern to 2021. However, some experts believe that altcoins might start to outperform Bitcoin by early 2025.
