Cryptocurrency experts are currently puzzled by the unusual delay in what is typically known as altcoin season. Traditionally, these periods of significant altcoin growth kick off a few months after Bitcoin undergoes halving. However, this time around, the much-anticipated surge is taking longer to manifest, leaving many in the crypto community scratching their heads.
Renowned crypto analyst Moustache notes that the existing altcoin trends bear a striking resemblance to those from the years 2016 and 2017. The big question on everyone’s mind now is: Could we be on the brink of another explosive rally similar to those witnessed in the past? Let’s explore this possibility in detail.
Could History Be Repeating Itself?
According to Moustache’s latest analysis, the current altcoin market might be setting up for a rally akin to the 2017 bull run. Back then, the altcoin market cap skyrocketed from approximately $240 million to an astonishing near $85 billion. Fast forward to today, with the altcoin market cap sitting at roughly $827 billion, a similar rally could propel it to an impressive range of between $1.8 trillion and $2.2 trillion.
Altcoins History Doesn’t Repeat Itself, but It Often Rhymes
Moustache emphasizes the Relative Strength Index (RSI) on the 3-week chart as a critical indicator. Presently, the RSI is in a downtrend. However, if it breaks out of this pattern, it could be a signal for a major rally in the altcoin market. This potential shift could mean thrilling times ahead for altcoin investors and enthusiasts.
Time for Altcoins to Shine!
Another renowned crypto analyst, Michael van de Poppe, has identified a promising sign for the altcoin market. He observed a potential bullish divergence on the Others/BTC chart. This particular divergence occurs when an asset’s price hits a new low, but the RSI does not follow suit, indicating that the selling pressure might be easing.
The Bottoming Process is Fully in Place
Van de Poppe interprets this divergence as a sign that the bottoming process for altcoins might be concluding. This suggests that, following a period of decline, altcoins could be gearing up for a significant price increase. This potential turnaround could mark the beginning of a new altcoin season, bringing renewed hope and excitement to the crypto community.
As the crypto world eagerly awaits the next big move, the signs are pointing towards an imminent altcoin boom. The wait is almost over. Are you ready for the altcoin boom?
