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    Is crypto ‘altseason’ coming? Watch these 3 key signals in the months ahead

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    Cryptocurrency analysts anticipate a significant uptick in the altcoin market, with some suggesting that the downturn may be slowing. Bitcoin’s price is currently struggling with its 2021 high of around $69,000. If it exceeds this level, along with total altcoin market capitalization remaining above the long-term trend support line, it could signal an upward shift in the market. Bitcoin’s dominance in the market could be a sign of an impending altcoin rally. However, all these signs depend on a potential decrease in Bitcoin’s dominance and an increase in the total altcoin market capitalization.

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    Cryptocurrency analysts are buzzing with excitement about possible big moves in the altcoin market. Since the 2024 bull run stumbled a bit in March, we’ve seen things trending downward. But recent recovery signs suggest that we could be on the verge of a significant uptick.

    Are altcoins about to shoot for the stars?

    When you look at the technical aspects, the market seems strong, staying above an increase trendline which propped up the total market value of every cryptocurrency except Bitcoin (BTC) since the 2017 bull run. Mags, a well-known crypto analyst, said on Oct. 26 that the total altcoin market capitalization is currently testing this long-term trendline support which has been holding firm for eight years.

    If we see a retest of this multi-year support line, it suggests two things: the downturn could be slowing and an increase in investments at our current level could boost altcoin prices. “With BTC also breaking out, the market looks ready for a substantial move,” added Mags.

    As of this moment, Bitcoin’s price is struggling with resistance from its 2021 significantly high of around $69,000. If the BTC price ends decisively above this level and the total altcoin market capitalization continues to hold above the long-term trend support line, the market might be making moves for a notable upward shift.

    Another analyst, Moustache, highlighted the need to watch for a breakout from a broadening wedge. He believes that within the next 1-2 weeks, the total altcoin market capitalization should breakout of the 7.5-month falling broadening wedge.

    Is Bitcoin still stealing the show?

    Bitcoin’s market share compared to the overall crypto market, also known as Bitcoin dominance, helps signal if it’s altcoin season. Currently, BTC dominance is still on an uptrend, suggesting it’s still “Bitcoin season.”

    Crypto YouTuber Crypto Banter points out a “parabolic” altcoin season might come once Bitcoin dominance falls considerably. Meanwhile, Yoddha, a cryptocurrency analyst, argued that the squeeze within an increasing wedge of Bitcoin dominance could signal an upcoming altcoin rally.

    In conclusion, while Bitcoin is currently dominating, the increase in total altcoin market capitalization, the possible decrease in Bitcoin dominance, and the potential growth of the Altcoin season index could all align, signaling the beginning of an altcoin season in the future. However, as always, every investment move carries risk, and it’s essential to do your own research before making any decisions.

    Source: Cointelegraph

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