As a seasoned crypto investor with over a decade of experience navigating market cycles, I must say that the recent progress of altcoins has piqued my interest, to say the least. The bullish divergences and early-stage market structures observed by analysts like Rekt Capital hint at potential breakout patterns and could be signs of an incoming altseason.
In recent days, alternative cryptocurrencies (Altcoins) appear to be outpacing the larger crypto assets in terms of advancement, suggesting a continued market recovery.
Due to this development, some experts and onlookers are once again advocating for an “altseason” in the industry. Yet, it’s possible that these suggestions come too soon, as major players tend to reach their peaks before everyone else.
When Altseason?
On August 26th, the technical analyst ‘Rekt Capital’ pointed out several instances of “potential price reversal indicators” on altcoins. He further explained that these were also helping in the formation of early market structures and possible future breakout patterns.
On August 25th, trader and analyst ‘Mags’ announced that an “altseason” was approaching, as a result of months of declining and sideways price movements. This pattern, known as ‘chop consolidation’, has often been followed by altcoin price surges in past market cycles.
#Altcoins season Incoming
— Mags (@thescalpingpro) August 25, 2024
Ash Crypto, with over 1.1 million followers on X, shared insights about the stages of an altcoin season:
He noted that the first phase starts before the halving when altcoins begin to rally just before Bitcoin halves. The second phase is a pause and pullback, which is what we have seen since the halving and where things are currently.
1. After this, we enter a phase characterized by substantial growth within a brief span – often referred to as a parabolic stage. Analysts anticipate the onset of an altcoin season towards the end of the current year.
“Although we don’t have an exact day, based on past records, it seems likely that the event will take place sometime between November and December of 2024.”
ALTSEASON 2.0 UPDATE
A lot of you guys are asking meif when will be the next ALTSEASON.
Well, here’s my answer….
ALTSEASON moves in PHASES.
PHASE 1:This phase starts before the halving.It is where the ALTCOINS started torally just before the HALVING event.
PHASE 2:…
— Ash Crypto (@Ashcryptoreal) August 24, 2024
In the last week, various alternative cryptocurrencies have surpassed Bitcoin’s growth rate, recording significant increases. Some of these are Solana (SOL, rising by 12.3%), Tron (TRX, increasing by 23%), Cardano (ADA, up by 15%), Avalanche (AVAX, climbing by 30%), and Chainlink (LINK, gaining 21%).
Moreover, artificial intelligence-focused investments have been experiencing significant growth, surpassing other sectors. Notably, some top AI performers from the past week include Near Protocol (NEAR, with a 26% increase), Artificial Superintelligence Alliance (FET, rising by 65%), Bittensor (TAO, up by 25%), and Render (RENDER, posting a 43% gain).
Anticipation builds as investors look towards Nvidia’s second-quarter earnings release, scheduled for Wednesday, in the expectation of significant developments related to their AI and technology tokens.
Bitcoin Dominance Resistance
Additionally, the dominance of the Bitcoin market has been unable to break through a significant resistance point, possibly indicating that a surge in altcoins may be on the horizon.
The current Bitcoin dominance stands at approximately 57.43% as per Tradingview, and it’s been steadily climbing since last November. Lately, it encountered a barrier earlier in the month, but it seems to be heading towards those same highs once more.
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2024-08-26 10:57