Altcoin season gears up as bullish trading pattern forecasts explosive price movement
Bitcoin (BTC) price has struggled to hold crucial support at $64,800 a few days after completing its fourth halving on April 20.
Meanwhile, altcoins, led by memecoins and layer 1 cryptocurrencies, have outperformed BTC over the past week, leaving market participants wondering if altseason is here.
Altcoin season, or “alt season,” generally refers to a phase of the cryptocurrency market in which altcoins rise in value and often outperform BTC.
On April 24, trader and analyst Mustache noted that TOTAL2, the total altcoin market capitalization excluding BTC, had completed the ABC correction phases of the Wyckoff method and was in the midst of a breakout.
Cryptocurrency investors have been eagerly waiting for altcoins to start rising because they offer higher risk-reward returns.
