The year 2021 witnessed a massive breakout from the consolidation which further ignited the iconic bull run wherein most of the tokens secured the highest value. Bitcoin, soared more than 85% from the bottom to trigger a break out in 2020.
Meanwhile, a similar pattern is in work, that may trigger yet another bull run if validated at the right time. Besides, the altcoins appear to be preparing for the next move that may spark a strong Altseason.
The altcoin market cap has been consolidating within a falling wedge, while the recent price action offered a break above the bearish captivity. Currently, the altcoin market cap is consolidating within a narrow range as Bitcoin price is accumulating strength to experience a breakout very soon.
When Can We Expect a Fine Altseason? Will it occur in 2023?
A popular analyst believes that the Altseason is pre-programmed in April-May 2023, provided the Bitcoin price breaks above $29,000 and the dominance fails to clear 48%.
However, the analyst here specifies it as a ‘mini-altseason’, hence no massive price action may be expected but a minor upswing may lift the price above the bearish influence. In other words, the Bitcoin price is required to rise notably and consolidate a little while the dominance slashes a bit. This indicates the growing strength within the altcoins, while they are preparing for a massive upswing ahead.
Source: https://coinpedia.org/altcoin/altseason-may-begin-in-april-may-2023-if-bitcoin-hits-these-levels/