The Bitcoin and altcoin market is currently in a complex position and faces significant obstacles. Cryptocurrency analyst Wolves of Crypto predicted the market with a five-stage model.
According to the analyst, in the first stage, the market bottoms out in a bear market. It then peaks against bear market resistance. In the third phase, the bear market retests its resistance and experiences consolidation. In the fourth stage, the bear market breaks its resistance and turns it into a support level. Finally, the market enters an altcoin season by surpassing the previous all-time high.
During the recent correction, many altcoins suffered significant losses and some may not recover. However, the analyst considers this process as a major cleansing and thinks that the market is preparing for a potential bull season.
Is Altcoin Season Approaching?
During altcoin season, Bitcoin's dominance declines as investors turn to alternative assets in search of higher returns. This pattern was observed in the previous cycle and the current cycle seems to follow a similar path. If the market moves beyond the fourth phase, a parabolic bull market and explosive altcoin season could occur.
On the other hand, the recent divergence in the market has caused concern, especially the fall below the bull market support band and the ascending support line. However, the analyst believes that the structural trend may still be intact. While historically, these support levels have been maintained in previous cycles, the recent decline signals a potential shift in market dynamics.
Market Pending Approval
Despite the divergences, the altcoin market may need to make another upward move to confirm the uptrend. Following a similar pattern, Ethereum is showing more upside potential by not breaking the downtrend. The analyst maintains his optimistic view of the cryptocurrency market on a macro level. He suggests that moving above critical indicators will provide maximum clarity and ensure that the market is not just experiencing a resistance-support reversal.
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