As a seasoned crypto investor with years of market ups and downs under my belt, I can sense the excitement in the air. The technical setup of the altcoin market is strong, holding above a multi-year trendline that has proven to be a reliable support since the 2017 bull cycle. The recent recovery could indeed be a signal of a “massive move” ahead, as analysts suggest.
Since the 2024 bull run encountered an obstacle in March, the altcoin market has been on a decline. However, several significant signs suggest that the current recuperation might foreshadow a major surge as predicted by cryptocurrency experts.
Are altcoins readying for takeoff?
Viewed technically, the structure of the altcoin market appears robust, with it consistently staying above a rising trendline that has been sustaining the Total Market Cap of all cryptos excluding Bitcoin (BTC), since the 2017 bull run.
In a recent post on X, independent crypto analyst Mags noted that the total value of altcoins (alternative cryptocurrencies) is currently being tested by a significant trendline support that has remained robust for approximately eight years.
Testing this long-term support level again is a positive sign for bulls, suggesting that the bear trend may be weakening. If buyers become more active from the current point, it could potentially drive altcoin prices upwards.
“With BTC also breaking out, the market looks ready for a massive move,” the analyst added.
“Time to send it higher.”
When it was released, the value of a single Bitcoin was attempting to break past the resistance level that closely approached its record high in 2021 of approximately $69,000.
Should Bitcoin’s price successfully break through its current ceiling with a strong closing point, and TOTAL2 manages to maintain its position above the long-term trendline support, this might suggest that the market is poised for a substantial bullish surge.
Fellow analyst Moustache meanwhile noted to watch for a breakout from a broadening wedge.
In a recent post dated October 26th, Moustache expressed his belief that within the next 1-2 weeks, TOTAL2 is likely to experience a significant price surge due to the imminent burst of a 7.5-month descending broadening pattern.
As a crypto investor, I’ve noticed that TOTAL2 experienced a dip of around 11% from $981 billion to $873 billion between October 21st and 25th. However, according to Moustache, this could merely be a “deviation” in price as it attempts to rebound and regain its trendline, which has been acting as support since September 26th.
“A monster pump is long overdue for altcoins.”
It’s still Bitcoin season
Bitcoin dominance—a metric measuring Bitcoin’s market share relative to the overall crypto market—is one of the indicators commonly used to indicate whether the altseason has begun. It can provide traders with the overall investor sentiment and risk appetite in the market.
Since January 2023, this measure has steadily increased, peaking at a nearly four-year maximum of 59.75 on October 25th.
As of its release, Bitcoin’s dominance stands at 59.56%, continuing an upward trend, suggesting that we are currently experiencing a “Bitcoin-centric period” in the cryptocurrency market.
As a researcher, I’ve been closely observing the cryptocurrency market, and I’ve noticed that according to popular YouTuber Crypto Banter, an “explosive” or “parabolic” altcoin season typically occurs when the dominance of Bitcoin decreases substantially.
According to the anonymous cryptocurrency expert known as Yoddha, there may be a tightening in Bitcoin’s dominance within an upward sloping triangle shape, which could indicate a forthcoming surge in altcoins.
According to analyst Crypto Rover, posted on X on October 28th, “Bitcoin’s dominance is likely to experience a significant decline,” and he also mentioned that “altseason might be near.
Meanwhile, the current level of Bitcoin dominance means altcoins are still underperforming BTC.
Based on figures from Blockchain Center, just over a quarter (29%) of the leading 50 alternative cryptocurrencies exceeded Bitcoin’s performance over the past three months. This is significantly lower than the 75% required for an “altseason” to be declared official.
As Bitcoin reaches record levels, investors might want to watch for a potential surge in the overall market capitalization (TOTAL2), which could lead to a decrease in Bitcoin’s dominance and an increase in the Altcoin Season Index. If these trends align, it may indicate the approaching start of an altcoin rally within the next few months.
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2024-10-28 18:43