Rumors that the SEC will approve a spot Bitcoin ETF in the coming months have enabled Bitcoin to exceed $30,000, while BTC is currently consolidating at $29,000 levels.

While BTC continues to exhibit horizontal movements, altcoins that failed to show the performance expected of them are waiting for their turn to come.

At this point, Josh Olszewicz, a former analyst at Valkyrie Investments, made statements about the start of the #altcoin season.

Speaking to Coindesk, Josh Olszewicz said that an inverse head-and-shoulders model has been formed, which is one of the most reliable models showing the rise in the altcoin market.

Noting that a potential altcoin bullish season may begin after the completion of this model, the analyst said::

“A reverse head-and-shoulder price pattern is forming, which shows the upward trend in the altcoin market.

The completion of this model potentially points to the so-called “sub-season”, the period when altcoins outperform Bitcoin and Ethereum (ETH) and the rise begins.

At this point, I expect a break in altcoins when the altcoin market capitalization reaches over $ 300 billion.”

The inverted head-shoulder model is known as one of the most reliable bullish technical analysis models on the market.

However, the analyst noted that this pattern may also reverse, telling investors that there are two scenarios for altcoins.

The first scenario is that the altcoin market value will fall further from its current level, invalidating a possible upside-down head-and-shoulders model.

The second scenario is that the altcoin market value exceeds $ 300 billion and then the altcoin season begins, which is the period when altcoins outperform the largest cryptocurrencies BTC and ETH by experiencing a breakdown. #BTC #crypto2023

*It is not investment advice.