Is Altcoin Season Starting? Analyst Reveals Rare Buy Signal

The post Is Altcoin Season Starting? Analyst Reveals Rare Buy Signal appeared first on Coinpedia Fintech News

Bitcoin’s recent drop to its lowest price in months and its decreasing dominance in the crypto market have analysts predicting that an altcoin season might be imminent. A new analysis from leading crypto experts has revealed a pattern that could signal a major shift in the cryptocurrency landscape.

Here’s what you need to know.

Rising Wedge: A Bearish Signal?

In a recent tweet, well-known crypto trader Captain Faibik pointed out a rising wedge pattern in Bitcoin’s dominance chart over the weekly timeframe. This pattern often suggests a potential market reversal or breakdown.

$BTC (Dominance) Rising Wedge formation on the Weekly TF Chart.

The Real Altcoins Party will start once Dominance Breaks down from the Rising wedge.

So Keep Accumulating the Altcoins for the Midterm/Longterm & just Hold with the Patience.#Crypto #Altcoins #Bitcoin pic.twitter.com/DTc8UBTroo

— Captain Faibik (@CryptoFaibik) September 8, 2024

Faibik believes that an altcoin surge could begin if Bitcoin’s dominance falls through this rising wedge formation. Typically, a rising wedge is seen as a bearish signal, indicating that Bitcoin’s dominance might be weakening.

Rare Buy Signal for Altcoins

Supporting Faibik’s analysis, prominent crypto analyst Mikybull Crypto has spotted a rare buy signal in the altcoin dominance chart.

$BTC (Dominance) Rising Wedge formation on the Weekly TF Chart.

The Real Altcoins Party will start once Dominance Breaks down from the Rising wedge.

So Keep Accumulating the Altcoins for the Midterm/Longterm & just Hold with the Patience.#Crypto #Altcoins #Bitcoin pic.twitter.com/DTc8UBTroo

— Captain Faibik (@CryptoFaibik) September 8, 2024

This signal is particularly noteworthy because it’s the first of its kind to appear on the macro capitulation channel since 2016. This rare event hints that altcoins might be preparing for a significant move.

Altcoins to Watch

If past trends continue, we might see altcoins outperform Bitcoin and other major cryptocurrencies in the fourth quarter, setting the stage for a possible altcoin season.

However, according to the latest Blockchaincenter report, the altcoin season is still some way off, with a current score of just 27. The target to start the season is a score of 75%, which hasn’t been reached yet. Nevertheless, some altcoins have shown impressive growth recently.

For example, the Sun Token (SUN) has surged by 187.63% over the past 90 days, and TON’s Notcoin (NOT) has risen by 131.71% this season.

As these trends develop, keeping an eye on the market will be crucial to see if an altcoin season truly emerges.

Read Also: Unregulated Crypto Chaos: Nigeria’s SEC Set to Take Action on Unregulated Exchanges!

The altcoin season may be closer than you think. Make your moves before its too late.

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