Bitcoin’s recent climb above $71,000 has ignited excitement within the crypto community. After a prolonged period of sideways trading and is still far from reaching the ATH price, many in the crypto space see this trend as a precursor to an upcoming altcoin season with the potential for significant price increases.
Renowned crypto analyst Michael van de Pop believes the altcoin market is gearing up for a massive breakout against Bitcoin (BTC).
Altcoin Market On The Horizon
According to Michael van de Pop, Bitcoin’s recent climb suggests an optimistic outlook, with the potential for further gains on the horizon. If Bitcoin breaches the $70,000 mark, it could pave the way for a new all-time high, sparking excitement among crypto enthusiasts.
This positive sentiment aligns with the resilience observed in the altcoin market, which has consistently tested the $315 billion mark despite Bitcoin’s volatility. This steadfast behavior amidst market swings may lay the groundwork for the forthcoming bull run.
Additionally, the strength shown by altcoins not only bolsters confidence in the broader crypto ecosystem but also signals a broader uptrend in the market. However, it’s worth noting that despite the recent correction of most altcoins from their mid-March highs, Bitcoin continues to hover near its record peak of over $70,000.
Historical Patterns Foresee ALTSeason
Echoing a similar bullish stance crypto analyst Moustache has drawn attention to a compelling historical pattern, suggesting that altcoins may be on the verge of a significant breakout.
Although Mustache points to a notable historical event in 2020 when altcoins broke out of the Gaussian Channel and subsequently retested it. During this period, buy signals emerged in both the super trend and the EMA 10 indicators, signaling sustained upward momentum for altcoins.
Based on the observed historical pattern and current market conditions, Moustache expresses optimism regarding the imminent arrival of an altcoin season. This sentiment is supported by technical indicators and past market behavior, suggesting a potential surge in altcoin prices soon.
Altcoin Dominance
The total crypto market cap currently stands at 2.565 trillion, reflecting a 0.71% increase from the previous day. Altcoins hold a market cap of 293.173 billion.
Notably, altcoin dominance has experienced a slight uptick, currently standing at 11.4%. This indicates a shift in investor interest from Bitcoin to altcoins, aiming to secure substantial profits.
