2024-5-5 22:15 |
Many altcoins have started to recover in the past 48 hours, with several seeing double-digit gains. There have been multiple reports indicating that altcoins may have finally bottomed out, potentially leading to a spike in their prices. However, according to analyst TradingShot, this could be more than just a temporary surge for some altcoins but rather the beginning of a broader “alt season” – a period of sustained growth and outperformance compared to Bitcoin.
In a TradingView post, TradingShot examined the historical relationship between altcoin market cycles and Bitcoin’s halving events. Typically, altcoins tend to bottom out after Bitcoin, which is expected given Bitcoin’s position as the market leader. The analyst pointed out that in the previous two market cycles, altcoins experienced a significant sell-off or “dump” within a specific timeframe following Bitcoin’s halving event.
However, TradingShot noted that the current cycle has deviated from this typical pattern. The analyst observed that the recent altcoin sell-off began in late December 2023, coinciding with Bitcoin’s aggressive rally, which they attributed to the anticipation and subsequent launch of a Bitcoin ETF in January 2024.
According to TradingShot’s interpretation, this divergence from the usual pattern suggests that the recent altcoin sell-off could have been the “post-Halving dump” for this cycle. If this analysis is correct, it implies that altcoins may have reached the bottom of their “Bullish Megaphone” formation, a pattern historically associated with altcoin market bottoms.
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Show more +Show less –TradingShot concluded that based on this analysis, it is highly probable for a new “Alt Season” to begin as early as next week. An “Alt Season” is characterized by altcoins rallying parabolically and outperforming Bitcoin’s gains.
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The post Altcoin Season Could Start as Early as Next Week, Here’s Why appeared first on CaptainAltcoin.
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