Altcoin
Altcoin Season Could Start in the Next 5 Weeks with a 10x Rally: Here’s Why
The cryptocurrency market capitalization has fallen nearly three percent over the past 24 hours, settling around $2.37 trillion in the early European session on Wednesday. After five straight days of small cash inflows, U.S.-based spot Bitcoin exchange-traded funds (ETFs) saw a net outflow of about $14 million on Tuesday.
As a result, the price of Bitcoin (BTC) has dragged the altcoin industry into a downward spiral, triggering the forced liquidation of over $120 million in leveraged cryptocurrency trading.
Is the cryptocurrency bull cycle over?
The cryptocurrency sector is in a macro bull cycle that officially began after the fourth halving in April. The approval of spot Bitcoin and Ethereum ETFs in the US, Hong Kong and Thailand has been an additional bullish catalyst.
As a result, most analysts have compared the 2024 cryptocurrency growth to the 2017 cycle of adoption by major retail investors.
Furthermore, the price of Bitcoin reached a new all-time high, around $73,000, even before the fourth halving, thus signaling the beginning of a super cycle.
Based on all the available data, it is safe to assume that the 2024 cryptocurrency bull cycle is not over yet.
And now?
According to a popular cryptocurrency analyst alias Moustache (@el_crypto_prof) on the X platform, the cryptocurrency sector has entered a reaccumulation phase after a successful bullish wave during the first half of the year. As a result, the cryptocurrency analyst believes that the euphoric phase of the crypto bull run will begin in the next five weeks.
The cryptocurrency analyst compared the bullish breakouts of cryptocurrencies in 2016 and 2020, which formed a similar fractal pattern. Ultimately, a reversal of Bitcoin’s dominance will trigger the parabolic phase of the altcoin bull cycle.