Data Signals Imminent Altcoin Season Amid Steady Bitcoin Dominance
Several analysts on microblogging platform X have recently highlighted different data points indicating that altcoin season (altseason) could soon be upon us.
On February 15, trader/analyst Rekt Capital (@RektCapital) shared a projections chart to suggest that Bitcoin’s current dip could be part of a final “retrace” or consolidation period before the halving on April 19.
Since Bitcoin bootstraps the entire market by virtue of its popularity, it’s likely to piggyback the biggest altcoins by market capitalization to new heights.
#BTC
There is only one last Pre-Halving Retrace left (dark blue circle)$BTC #Crypto #Bitcoin pic.twitter.com/Q6qF1ieEEL
— Rekt Capital (@rektcapital) February 15, 2024
In another recent tweet, Bitcoin fan and independent analyst Stockmoney Lizards (@StockmoneyL), thinks he sees some bullish cup-and-handle patterns in the altcoin market’s capitalization metrics. If history repeats itself, this could be mounting towards a potential 10x bull run, the analyst implied.
Many #Altcoins are about to skyrocket in next #Altseason. We are close. pic.twitter.com/1uvRQdWqzU
— Stockmoney Lizards (@StockmoneyL) February 18, 2024
Market analysis by Santiment on Tuesday suggests retail traders bought a lot of the dollar-pegged stablecoin Tether lately. Since stablecoins present a blockchain-native way to use dollars to buy crypto, the move could signal retail’s readiness to buy the current dip.
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