Bitcoin’s price action offers ideal condition for altcoins season

Bitcoin’s price action offers ideal condition for altcoins season

Altcoins or any other crypto asset than Bitcoin have seen more growth since the beginning of this year. After several turbulent months Bitcoin has gained back its bullish momentum. Such price actions of the flagship cryptocurrency provides potentially ideal conditions to initiate altcoin season.Over the past 21 days, Bitcoin has been observed up by more than 65%. However, with a tremendous pace the digital asset achieved a new all time high, but soon consolidated. Following the price movements and technicals in the crypto market, traders and investors are speculating whether this Moonvember will bring a massive altcoin season.

Hypothesis of an upcoming altcoin season

The total altcoin capitalization is breaking through the all-time high and its fractal corresponds to the analogous structure from the 2017-18 bull market. On the other hand, the dominance of Bitcoin seems to be dropping, as several altcoins are breaking out of their multi month consolidation. 

– Advertisement –

However, the altcoins chart seems to be on the verge of its ATH. A crypto trader pointed out that technicals on the weekly time frame seem bullish. According to analysts, the chart has created an ascending triangle formation. And is resembling  a cup-and-handle pattern with a technical target above $2 trillion. The bullish signals could offer a chance for an altcoin season in the coming weeks.

Bitcoin loses its market dominance

While observing the chart of Bitcoin dominance, we have observed a 20% increment until mid last month. However, since then the dominance of the flagship crypto coin has been declining. According to analysts, the chart shows a bearish signal that may signal a continuation of the decline. If Bitcoin’s dominance in the market continues to decline, it will certainly lead to an altcoin season.

Major Alts seems ending consolidation

Analysts are expecting an upcoming altcoins season following the charts of the several major altcoins. Many of the charts have just broken out from long-term corrections. And those have validated previous resistance as support. However, others, on the other hand, have already recently broken through their all-time high and are continuing their bullish rally.

IMG 20201207 125631

Ahtesham Anishttp://www.thecoinrepublic.com

Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

Source: Bitcoin’s price action offers ideal condition for altcoins season

*This is a free press release. Upgraded press releases are ad-free!

Apple Global Battery Development Chief Moves to Volkswagen

A woman walks past an Apple logo in front of an Apple store in Saint-Herblain near Nantes, France, on Sept. 16, 2021. (Stephane Mahe/Reuters) SAN FRANCISCO—Apple’s global battery development chief, Ahn Soonho, has moved to Volkswagen to lead the automaker’s development of electric vehicle batteries, according to his Linkedin profile. This is the second time…

Read Press Release

How Much of All Money Is in Bitcoin?

After its launch in 2009, Bitcoin ushered in a new era of blockchain technology and digital currencies. Given all the talk about Bitcoin, you’d think it would be everywhere. Is that really true? How much is Bitcoin worth? Perhaps more importantly, how much of the world’s money is in bitcoins? With the price of BTC…

Read Press Release

Bitcoin’s price action offers ideal condition for altcoins season - Click To Share

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on email
Share on whatsapp