An altcoin season occurring in this current bull market cycle has become a heated topic in the crypto sector lately, with uncertainty observed among the majority of crypto enthusiasts. Even though altcoins have been performing significantly bearish in the past few months, recent developments in the alts market raise the possibility of an altseason as a breakout could be on the horizon.
Key Cross Forms In Altcoin Market Cap
After facing heightened volatility in the past few months, the altcoin market might be gearing up for a significant and promising move. Titan of Crypto, a crypto analyst and trader delving into recent performances has outlined that the market is currently flashing bullish signals.
The expert points to bullish signals as the market forms a key technical cross, particularly the Golden Cross, which shows that upside momentum is building. A golden cross usually forms when short-term moving averages cross above long-term moving averages, reflecting a possible change from a bearish trend to a bullish trend.
While Bitcoin dominance might be reducing, investors may be diverting their focus toward alts, leading to a positive setup in the altcoin market. Should this key structure strengthen, alts market might experience an encouraging move in the upcoming weeks.
Considering the formation, Titan of Crypto predicted that a rally could be on the horizon. His prediction is based on past cycle trends, whereby the market topped out about 42 weeks after witnessing a golden cross.
As the golden cross reappears, the expert suggests a similar development would occur in the ongoing cycle. In the event that it mirrors past rallies, Titan of Crypto believes that the market could rise about $6.6 trillion in the upcoming months.
It is important to note that this golden cross marks its first instance since the first quarter of 2021. Ted Pillows highlighted that the last time this happened, the altcoins market cap jumped by over 500% in the next few months.
Given the past growth, the market may be poised for a 500% growth or more than before the current bull market ends. Due to the shift in market dynamics, the expert claims that the altseason appears to be an imminent reality.
Cup And Handle Formation Hints At A Breakout
Examining the altcoin market excluding BTC, Milkybull Crypto, an economist and analyst has spotted a bullish Cup and Handle formation. Typically, a cup and handle pattern signals a potential upside breakout after a period of downward trend.
As a result, the expert is confident that a significant breakout is imminent, stating that “altcoins real fun is about to start.” MilkyBull Crypto also foresees a rally for alts due to a formation on the ETH/BTC chart.
According to the analyst, ETH/BTC has broken out of a triangle pattern in the 1-day time frame, indicating a possible upsurge for alts. In another post, MilkyBlly Crypto highlighted that the market has formed a macro bottom. After this, the analyst expects the much-anticipated altseason to begin.
Featured image from iStock, chart from Tradingview.com
