As the market’s dominant digital currency, Bitcoin has paved the way for other cryptocurrencies to follow and investors can now look forward to an exciting period where there might be an upcoming alt season, which may be right around the horizon.
Despite the fact that there is a banking crisis, Bitcoin has managed to survive and steadily climb the charts. With the exception of a few top assets, altcoins erased their weekend gains. However, analysts are still bullish on the alt-season narrative.
For a very long time, the altcoin market cap has been stuck in the region of around $600 billion and has been making constant attempts to rise over the levels. Sadly, it always ended in denial, pushing the total back up to $560 billion. One of the traders and analysts by the user-name @el_crypto_prof on Twitter said that a big move for altcoins is on the way.
For a better direction and predictions of the alt season, analysts are keenly observing the price chart for Bitcoin and significant resistance levels. CrypNeuvo, a cryptocurrency liquidation expert, said that BTC Price might increase to $29,000 before reversing course.
The expert highlighted stacked Bitcoin liquidity near the $29,000 level, where traders have set up a number of “stop loss” orders. The analyst uses an imbalance on the one-hour time frame at $29,000 to explain his idea of a “bull trap.”
The altcoin season index is at 35 right now, which shows a little advantage for Bitcoin. Yet, BTC’s market share has shrunk during the past month as altcoin values have risen. Yet, the Crypto Fear and Greed Index is currently at 59, indicating that the altcoin season has yet to reach its full potential.
Source: https://coinpedia.org/altcoin/altcoins-poised-for-major-breakthrough-with-upcoming-alt-season/