The global cryptocurrency business has been in a dire need of a bullish impetus. As a majority of the digital assets trade at double-digit losses from their cliffs. The prolonging narrow trend has whipped the monetary action to a greater extent. The interim relief is now giving impetus to the crypto industry’s voice for a massive alt season.
Successively, the recent spike in Ethereum’s dominance is now supplementing the quest for an alt season. Meanwhile, a proponent from the business sheds light on an alt season, and an altcoin market peak. The various factors in play hint at the time frame of the altcoin season. Which spans across the three quarters starting from the second quarter.
This is When the Altseason May Kick-off!
An industry proponent sheds light on his assessment of an alt season, which comes with an altcoin market peak. That happens weeks after the commencement of the alt season. The proficient beliefs altcoins to be entering the final leg-up of the hype-phase, which is the altcoin bubble. Whereas BTC has come a long way, and is in the lift-off phase.
Successively, it is now a known fact that Bitcoin and altcoins are in a different stage of the market curve. While altcoins are structurally in line with the hype phase of Bitcoin from 2010-2014, and the Dotcom bubble. Bitcoin is in line with gold’s lift-off from 1999-2011.
Consequently, altcoins are now in the rising wedge before the top. The comparison with NASDAQ’s dot-com bubble gives a target of 11th July 2022. And the comparison of the launch of the “World Wide Web” with that of Ethereum gives a target of 10th June 2022. In contrast, Bitcoin’s neutral stage from 2012 and 2016, gives a target of summer of 2022.
Bitcoin’s Dominance Falling Apart
The protagonist cites that the Bitcoin dominance chart shows a similar setup from 2019-to 2020. Which gives hope of a bigger drop around the 2nd of August 2022. On the other hand, the Bitcoin dominance chart upside down shows a cup and handle formation, hinting at a massive alt season. Moreover, the others dominance chart from 2019-2020, gives a target of July 21st.
In contrast, the comparison of similar RSI patterns from 2016-2017 in ETH/BTC pairs gives two possible targets. Which are around the 3rd of July and the 11th of August. On the other hand, the RSI profile of the others charts hints at a target of 25th July 2022.
Summing up, the pattern exhibits the flow of funds and psychological sentiments. And the altcoin peaks occur when each of these patterns falls into place. That said, the cumulative assessment gives a provisional timeline. Which pans from June to August, a delay in circumstances materializing. Holds a 20% potential to push the altcoin season to September-December.
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Source: https://coinpedia.org/altcoin/altseason-in-q2-eyes-at-60-gains-but-a-bubble-burst-of-altcoins-may-be-inevitable/