Altcoins
Here’s when an Altseason can start
Bitcoin price surpassed $68,000, while the Ethereum Price is above $3,800, as markets gained momentum after facing strong bearish heat. With this, other altcoins gained strength, led by memcoins PEPE, FLOKI, etc., and many more. This could once again fuel the anticipation of a probable Altseason which could occur in the coming months.
The weekly altcoin market cap chart shows similar price action as it showed after being rejected from its highs. After breaking above the crucial resistance zone, the price faced a slight pullback, just like before the start of the 2022 bear market. Now it seems that the retracement phase is over, which could trigger a new recovery, probably beyond 1,400 billion dollars.
The altseason is usually triggered by a sharp rise in the price of Ethereum, which is considered the mother of all altcoins. Now that some stability has been seen in ETH prices, the possibility of a resurgence of a previous pattern has emerged. A popular analyst, mustacherefers to Ethereum’s monthly chart and indicates that a strong alt season is in the works.
Referring to the chart above, the analyst lists the similarities between the 2020 trade setup and the current setup. A similar RSI pattern, a similar retest, and the rally holding crucial support all suggest that a strong alt-season is quite near. Therefore, all eyes are now on the rising price of Bitcoin (BTC), which is between $68,000 and $70,000. A good bullish move past the pivotal resistance at $72,000 could push Ethereum (ETH) price past $4,500.
After being within a few dollars of their respective ATH, market participants should become confident in the upcoming trend. This is when a final climb to a new ATH could be triggered, initiating a new Alt Season, likely in the final quarter of the year.
Also discover: Pepe triggers massive rebound; Will FLOKI follow an uptrend and skyrocket 20%?