Cryptocurrency Market Experiencing Largest Altcoin Season in History Despite Recent Crash

Bitcoin and the top 10 coins are currently in the red zone, indicating a lack of immediate upward movement. Speculation about an altcoin rally or season has waned due to the prevailing negative sentiment.

Nonetheless, Crypto Crusader has highlighted the emergence of what could be the largest altcoin season in crypto history, despite the subdued retail sentiment. Drawing comparisons between the 2018 and 2022 “dead cat bounces,” he pointed out the current price activity on the TOTAL3 index. Altcoins showed a similar pattern in late November to early December, ranging before a significant upward trend. In 2020, altcoin sentiment was dismal, leading many in the retail sector to believe the altseason had concluded.

“We have experienced a more prolonged period of ranging, which is to be expected given the higher market valuation. The upcoming move is anticipated to surpass the previous all-time high in the altcoin market, with Bitcoin likely exceeding $100K,” he stated.

The extended ranging period can be attributed to the overall increased valuation. The upcoming move is predicted to break the previous all-time high for altcoins, with Bitcoin potentially surpassing $100K. For those feeling bearish, the analyst advises taking a step back to grasp the current cyclical position, indicating that the exciting phase is on the horizon.

In terms of Bitcoin, the analyst maintains a positive outlook, foreseeing a potential dip to $60,185. The focal point for the week is the weekly candle close, which is being closely monitored. The analyst believes Bitcoin is either approaching its bottom or has already reached it.

Credible Crypto also weighed in on the sentiment surrounding meme coins, stating, “I believe certain meme majors will recover and reach new all-time highs once this larger correction concludes and after BTC peaks. Not all memes will, but that’s to be expected. The issue lies in the fact that most of these memes lack fundamental backing, relying solely on attracting new capital and attention. Failure to do so could spell disaster for them.”

Tags: Altcoins, Bitcoin, Crypto News, Cryptocurrency, Price Analysis.