Altcoins
Legendary Crypto Analyst Believes Altcoin Season Will Start Soon
Over the past week, the cryptocurrency market has faced significant challenges, losing $110 billion in value. In the midst of this turmoil, Bitcoin strengthened its position, with its market dominance reaching a nine-week high of 56.5%.
As Bitcoin continues to attract investors seeking safety, renowned crypto analyst Mustache has identified a potentially bearish signal on the Bitcoin 3-week (3W) chart. This has led to speculation about the possibility of an upcoming Altseason.
Recent analysis from Mustache indicates the formation of a bearish cross on Bitcoin’s 3W chart, indicating a possible change in market sentiment. Historically, such patterns have often preceded significant moves in the altcoin market, leading to an upheaval followed by the start of an Altseason.
Confident in Altcoins!
Despite the bearish signal, Mustache remains optimistic about the altcoin market.
“I don’t sell; on the contrary, I add quality products to my bags”,
This shows confidence in carefully selected altcoins and encourages investors to remain calm in the face of current market volatility.
Technical Indicators and Market Sentiment
Mustache also highlights changes in the 3W Gaussian channel indicator, which moved from red to green. This technical tool, known for its accuracy in predicting market trends, helps gauge market sentiment and potential price movements.
The last time such a rare event occurred was in 2020, before a long Altseason period. This historical trend adds weight to Mustache’s observations, further fueling the curiosity of investors and traders.
Altcoins hit hard, but hope remains
The crypto market was hit hard last week, losing $110 billion in total market capitalization. While Bitcoin saw a slight increase of 3% decline, altcoins bore the brunt of the losses. Many altcoin projects have suffered significant declines, raising concerns among investors.
However, there is optimism about the potential for a rapid recovery in the altcoin market. Many believe that despite recent setbacks, altcoins could bounce back quickly, providing opportunities for savvy investors.
Read also: 30X incoming gains for Cardano ADA; Is $1 back on the cards?
Are you holding onto your altcoins or planning to sell them? Why or why not?