Altcoin Season Begins Soon, This Is According To Crypto Analysts!

Observers predict the altcoin season will begin soon. (Photo; Doc. CoinMarketCap)

JAKARTA - Crypto observers are paying attention to signs showing that the crypto market will enter the altcoin aka altseason season. Commenting on this, a crypto analyst known as TechDev revealed to more than 490,000 followers on social media platform X that altcoin is predicted to outperform Bitcoin (BTC) in the near future. TechDev's views are based on Bitcoin and Altcoin's historical data patterns.

TechDev shows a graph indicating that altseasons, or altcoin seasons, usually occur after Bitcoins print new candlesticks after passing an all-time high in their cycles.

According to him, similar incidents occurred in 2017 and 2021, where Bitcoin reached a new price peak and then Bitcoin (BTC.D) dominance experienced a sharp decline, giving altcoins room to soar. In 2017 and 2021, BTC.D dropped drastically over a year, opening up opportunities for altcoins to record significant increases.

In his view, TechDev also noted that altseasons often start when Bitcoin reaches the upper limit of Bollinger Bands on weekly graphs. Bollinger Bands is a tool used by traders to identify the period of volatility and determine whether an asset is overbought or oversold. TechDev argues that as Bitcoin touches the upper limit of Bollinger Bands, altcoins tend to record large price jumps in the following six months.

According to the latest data, the TOTAL2 chart, which tracks the market capitalization of all crypto assets except Bitcoin and stablecoin, is currently trading at $1.476 billion. TechDev predicts that the altcoin market will soon experience a major spike in the coming months.

If this pattern repeats itself, the crypto market can enter a favorable phase for altcoin investors. That means the profitability of altcoins is higher than Bitcoin. The onset of altseason is predicted to occur in the near future.