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A weekly bullish trend has emerged in a key indicator in the altcoin market, a pattern last seen in 2016 and 2020, following months of increases.
Historical data shows that similar uptrends in previous cycles have led to significant gains in altcoins, fueling speculation of a new “alt season.”
This signal points to a possible momentum for altcoins, but investors remain cautious of external factors that could affect the market.
A major event in the altcoin market is generating interest among investors. A bullish weekly cross has formed in the case of one of the most-watched technical indicators, sparking discussions about the possibility of a strong altcoin season to continue.
This signal was previously recorded ahead of the 2016 and 2020 Federal elections and held at a higher rate for several months thereafter. With the cycles aligning once again, investors and analysts are keeping an eye on whether altcoins will experience another extended rally.
Historical Significance of the Taurus Weekly Cross
The weekly bull cross is a technical analysis pattern traded by traders looking for information about higher time frame trends. In previous cycles, the emergence of this indicator was followed by a phenomenon known as an altseason, where altcoins or other cryptocurrencies outperform or moon Bitcoin. After this cross in 2016, followed by a strong promise for 2020 and altcoins moving upwards, many began to view this cross as a signal for potential profits.
Will Past Market Patterns Repeat History?
Market cycles are an important concept in cryptocurrency, where recurring price patterns often occur. Altcoin cycles, in particular, tend to mirror these broader crypto cycles. The bull crosses recorded in August 2016 and March 2020 were accompanied by several months of higher prices across most altcoins. These Cycle progression followers are observing these similarities and are viewing the recent Bull cross as an indicator of this.
The term altcoin season refers to a situation where other cryptocurrencies, except Bitcoin, are trading higher. With this bullish signal active, investors are starting to think that another altcoin season could be just around the corner. However, the circumstances of each phase are different, and some believe that external economic factors can still affect the cryptocurrency markets. Therefore, it is important to check the current explanatory factors that determine the current trend or trajectory of the patterns that fit the general patterns.
