Altcoin
The legendary crypto analyst believes that the Altcoin season will begin soon
Last week, the cryptocurrency market faced significant challenges, losing $110 billion in value. In the midst of this turmoil, Bitcoin has strengthened its position, with its market dominance reaching a nine-week high of 56.5%.
As Bitcoin continues to attract safety-seeking investors, renowned crypto analyst Mustache has identified a potentially bearish signal on Bitcoin’s 3-week (3W) chart. This has led to speculation about the possibility of an upcoming Altseason.
Recent analysis by Mustache indicates the formation of a bearish cross on Bitcoin’s 3W chart, indicating a possible change in market sentiment. Historically, such patterns have often preceded significant movements in the altcoin market, leading to a shakeout followed by the onset of an Altseason.
Confident in Altcoins!
Despite the bearish signal, Mustache remains optimistic about the altcoin market.
“I’m not selling; instead, I’m adding quality alternatives to my bags,”
This demonstrates his confidence in carefully selected altcoins and encourages investors to remain calm in the current market volatility.
Technical indicators and market sentiment
Mustache also highlights changes in the 3W Gaussian channel indicator, which has gone from red to green. This technical tool, known for its accuracy in predicting market trends, helps evaluate market sentiment and potential price movements.
The last time such a rare event occurred was in 2020, before an extension of the period Altseason period. This historical pattern adds weight to Mustache’s observations, further fueling curiosity among investors and traders.
Altcoins hit hard, but hope remains
The cryptocurrency market took a hit last week, losing a whopping total market capitalization of $110 billion. While Bitcoin saw a slight 3% decline, altcoins bore the brunt of the losses. Many altcoin projects have suffered significant declines, raising concerns among investors.
However, there is optimism regarding the potential for a rapid recovery in the altcoin market. Many believe that despite recent setbacks, altcoins could recover quickly, providing opportunities for savvy investors.
Read also: 30X Earnings Coming for Cardano’s ADA; Is $1 back on the cards?
Are you holding onto your altcoins or thinking about selling them? Why or why not?