BTC price is currently struggling to maintain key support at $64,800 days after the completion of the fourth halving on April 20.
Meanwhile, memecoin, and several Layer 1 Token , have outperformed Bitcoin in the past week, leaving market participants wondering if Altcoin season (Altseason) has arrived.
Altseason refers to the period when Altcoins in the cryptocurrency market have a value increase that surpasses BTC.
Looking at the TOTAL2 chart (total market Capital of Altcoins), we see that in general the trend has completed the ABC correction stages based on the Wyckoff method and is in the middle of the breakout resistance level.
.png)
In a previous X post on April 23, analyst Moustache observed that TOTAL2 had broken out of a Falling Wedge pattern on the monthly chart, reiterating a similar setup seen during the 2020–2021 market cycle .
#Altcoins
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) April 23, 2024
had already shown it a few weeks/months ago.
2-3 months of more or less sideways movement will soon be over - then round 2 will start.
We're facing the biggest Altseason since 2017 imo. pic.twitter.com/r0DMVjlKpO
Also XEM at TOTAL2, analyst Lark Davis finds that the altcoin market Capital has regained a key support level provided by the 50D EMA.
Although this key support level was lost when Wall Street opened on April 24, the bullish crossover from the moving Medium convergence divergence (MACD) indicator suggests that Altcoins are ready to ready for higher growth.
However, it is not yet time to celebrate. After peaking in mid-March, most Altcoins have corrected. BTC remains 12% below its ATH above $73,800, with the April 24 correction threatening to push the price below $65,000.
Analyst Daan Crypto Trades said current sentiment for Altcoins is quite low, adding that people are becoming pessimistic about ever seeing an Altcoin season.
The sentiment towards #altcoins is quite low.
— Daan Crypto Trades (@DaanCrypto) April 23, 2024
People are getting pessimistic about ever seeing an alt season at all.
Fact is, you need one ETH/ BTC candle to ignite things. After that, shorts often fuel the way up initially which can already make for some good moves.
The performance of Altcoins appears to coincide with a decline in Blockchain Center's Altcoin season index, suggesting that Altcoin season is not yet here. According to this index:
“75% of the top 50 Token outperformed Bitcoin in the last season (about 90 days), it was Altcoin season.”
.png)
This indicator currently demonstrates that only 41% of the top 50 Altcoins have performed better than Bitcoin over the past 90 days. Since this index is less than 75, it shows that this is not yet Altcoin season.
VIC Crypto compiled
Related news:
How much will Bitcoin cost in the next Halving in 2028?
Bitcoin Miners may Dump up to 5 billion USD in BTC after halving
6 altcoins in the Top 50 outperform Bitcoin in 2024
Sleepless weekend when Bitcoin dropped 10% in 2 consecutive days to reach 60 thousand USD
Bitcoin flashdump to 65K overnight causes altcoins to lose nearly 30% of value, what is happening?
