Renowned Cryptocurrency Analyst Predicts Imminent Start of Altcoin Season
Key Points
Renowned analyst Moustache predicts the arrival of altcoin season, pointing to a bearish cross on the Bitcoin dominance chart.
Signals from historical patterns, such as the 3W Gaussian channel indicator turning green, suggest that an alt season is on the horizon.
The cryptocurrency market experienced a loss of $110 billion as Bitcoin dominance reached a 9-week high of 56.5%.
In the past week, the cryptocurrency market suffered a significant $110 billion loss, with Bitcoin asserting its dominance and attracting investors seeking safety, leading to a 9-week high of 56.5% market share.
While Bitcoin appears to be in favor in the short term, the esteemed crypto analyst Moustache recently highlighted a potentially bearish signal on the Bitcoin 3W chart, sparking speculation about the potential for an impending Altseason.
Emergence of Bearish Cross
Moustache recently identified the emergence of a bearish cross on the 3-week chart for Bitcoin dominance, indicating a shift in market sentiment. Drawing from historical trends, such occurrences have historically preceded a shakeout in the altcoin market ahead of the onset of the Altcoin season.
#Altcoins
BTC Dominance is on the brink of forming a bearish cross on the 3W-Chart, yet some still question the likelihood of an Altseason occurring lol.
Hopefully, no one panicked and sold off. Good things take time.
I, for one, am not selling; in fact, I am adding promising altcoins to my portfolio.
pic.twitter.com/sYZrdWAmrf
— ⓗ (@el_crypto_prof)
June 19, 2024
Furthermore, Moustache expresses his confidence in the altcoin market by declaring, “I’m not selling; on the contrary, I’m adding quality alts to my bags.”
This statement underscores his belief in the potential of selecting altcoins and encourages investors to remain steadfast.
Historical Pattern Suggests Approaching Alt Season
In tandem with the Bitcoin dominance analysis, Moustache highlights changes observed in the 3W Gaussian channel indicator, transitioning from red to green. This technical analysis tool, renowned for its accuracy in predicting market trends, is instrumental in deciphering market sentiment and potential price movements.
#Altcoins
It’s official.
The 3W Gaussian Channel has switched from red to green.
The last instance of this occurred in 2020, paving the way for an extended Altseason.
I am beyond excited.
pic.twitter.com/ArTOo2txv1
— ⓗ (@el_crypto_prof)
June 17, 2024
The most recent occurrence of this rare event took place in 2020, preceding a prolonged period of Altseason. This historical pattern reinforces Moustache’s observations, intensifying interest among investors and traders.
Current Altcoin Market Outlook
The cryptocurrency market experienced a significant setback last week, witnessing a staggering $110 billion decline in total market capitalization. While Bitcoin recorded a modest 3% decrease, altcoins bore the brunt of the losses. Numerous altcoin projects faced substantial declines, triggering apprehension among investors.
Nonetheless, some maintain a positive outlook on the potential for a swift recovery in the altcoin market. Despite recent setbacks, optimism persists that altcoins will rebound swiftly from the downturn.