Here’s when an Altseason can start

The price of Bitcoin rose above $68,000, while the Ethereum price is above $3800, as markets have gained momentum after facing significant bearish heat. With this, other altcoins have gained strength, led by memcoins PEPE, FLOKI, etc. and many others. This could again fuel anticipation of a probable Altseason that could occur in the coming months.

The weekly altcoin market cap chart showed similar price action to that shown after facing rejection from its highs. After breaking out of the crucial resistance zone, the price underwent a slight pullback, just like before the start of the 2022 bear market. Now it seems that the retracement phase has been completed, which could trigger a new recovery , probably over 1,400 billion dollars.

The altseason is usually triggered by a sharp increase in the prices of Ethereum, which is considered the mother of all altcoins. Now that some stability has been observed in ETH prices, the possibility of a resumption of the previous pattern has emerged. A popular analyst, moustacherefers to the monthly chart of Ethereum and says that a strong altseason is brewing.

Referring to the chart above, the analyst lists the similarities between 2020 and the current trading setup. A similar RSI pattern, a similar retest, and the rally holding crucial support suggest that a strong altseason is quite close. Therefore, all eyes are now on the Bitcoin (BTC) price rally, which is stuck between $68,000 and $70,000. A nice bullish move above the key resistance at $72,000 could push the Ethereum (ETH) price above $4,500.

After remaining within a few dollars of the respective ATH, market participants should gain confidence in the next trend. This is the moment when a final recovery towards a new ATH could be triggered, starting a new Altseason, probably in the last quarter of the year.

Also check: Pepe triggers massive rebound; Will FLOKI follow an uptrend and rise 20%?

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