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😱🫨Altcoin Market Cap Consolidating Before a Big Breakout: Here’s When an Altseason May Begin
The Bitcoin price surged above $68,000, while the Ethereum price is above $3800, as the markets gained momentum after facing significant bearish heat. With this, the other altcoins have gained strength, led by the memcoins #PEPE , #FLOKI , etc., and many more. This may again fuel the expectation of a probable Altseason which may occur in the coming months.
The weekly chart of the altcoin market cap has been displaying a similar price action that it displayed after facing rejection from its highs. After rising above the crucial resistance zone, the price faced a minor pullback, just like it did before the start of the 2022 bear market. Now it appears that the retracement phase has been completed, which may kick-start a fresh upswing, probably beyond $1.4 trillion.
The altseason is usually triggered by a steep rise in Ethereum prices, which are considered the mother of all altcoins. Now that some stability has been seen in the ETH prices, the possibility of a revival of a previous pattern has emerged. A popular analyst, Moustache, refers to the monthly chart of Ethereum and says that a strong altseason is in preparation.
Referring to the above chart, the analyst lists out the similarities between the 2020 and the current trade setup. A similar RSI pattern, a similar retest, and the rally holding crucial support all suggest that a strong altseason is very close enough. Therefore, all eyes are now on the Bitcoin (BTC) price rally, which is stuck between $68,000 and $70,000. A fine bullish move beyond the pivotal resistance at $72,000 may push the Ethereum (ETH) price beyond $4,500.
After being just a few dollars away from their respective ATH, the market participants are expected to become confident in the upcoming trend. This is when a final upswing towards a new ATH may be triggered, initiating a fresh Altseason, probably in the last quarter of the year.
