A new ALTSEASON is starting. Did you miss the boat?
We are seeing a number of technical and fundamental indicators this week that indicate that the altcoin market could be on the verge of a price explosion, which we often refer to as 'Altseason'. So far in this Cycle, we have had Cycle 1 from June 2023 to March 2024. However, Cycle 2, which completes the Bullish Cycle, tends to be more aggressive.
On this chart, we look at the Total Cryptocurrency Market Cap excluding the Top 10 over a 2-week time frame. As you can see, price has found support on the MA50 (blue trendline) for 4 consecutive candles and now with a higher close, it looks ready to make a decisive breakout.
Compared to the previous two Cycles, it looks like we are right above the 0.382 Fibonacci retracement level, where both of the last Parabolic rallies (altseason) started. RSI and MACD in particular show significant similarities to December 2016. A bullish MACD cross is the only remaining indicator to confirm the rally.
Since both of those historical rallies reached at least the -1.5 Fibonacci extension, there is no reason to expect otherwise. Therefore, a 3T target by the end of 2025 looks feasible.
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