Expert Predicts Altcoin Season to Commence in Just 5 Weeks
Article Rewrite:
Buckle up for some exciting developments in the world of cryptocurrencies!
In the past 24 hours, the total value of all cryptocurrencies, also known as the market cap, experienced a slight decline of nearly 3%. It currently stands at around $2.37 trillion as the early European session begins on Wednesday. This dip can be attributed to the outflows from Bitcoin ETFs, which saw a net outflow of approximately $14 million on Tuesday after five consecutive days of modest cash inflows.
The drop in Bitcoin’s price led to a downward trend in the altcoin market, resulting in the forced liquidation of over $120 million from crypto-leveraged trading. This sudden shift has had a ripple effect on the market, impacting numerous traders and investors.
However, despite this short-term setback, analysts remain optimistic about the overall growth of the crypto market. The industry is currently in a macro bull cycle that started after the fourth halving event in April. The approval of spot Bitcoin and Ethereum ETFs in the United States, Hong Kong, and Thailand has provided a significant boost to the market’s bullish momentum. Analysts are drawing comparisons between the current cycle and the 2017 bull run, which saw a surge in retail investor adoption.
Even before the fourth halving event, Bitcoin reached a new all-time high of approximately $73,000, indicating the potential for a super cycle. Based on the available data, it is safe to say that the 2024 crypto bull cycle is far from over.
According to a well-known crypto analyst, Moustache, the industry has entered a re-accumulation phase following a successful breakout in the first half of the year. Moustache predicts that the euphoric phase of the crypto bull run will commence within the next five weeks. Drawing parallels with the breakout patterns in 2016 and 2020, the analyst suggests that a reversal in Bitcoin dominance could trigger a parabolic phase in the altcoin bull cycle, leading to substantial gains for investors.
It’s time to take a closer look at your crypto portfolio and adjust your strategy. The market may seem dull at the moment, but if history is any indication, we could be in for an exciting breakout in the altcoin market in the coming weeks.
Don’t miss out on the potential opportunities ahead!
Tags: Altcoins, Price Analysis