Prominent Crypto Analyst Predicts the Start of Altcoin Season in the Near Future
Key Points
Famed analyst Moustache is predicting the beginning of altcoin season, based on a bearish cross on the Bitcoin dominance chart.
Indicators such as the 3W Gaussian channel turning green suggest that an alt season could be imminent.
The crypto markets have suffered a $110 billion loss as Bitcoin’s dominance reaches a 9-week high of 56.5%.
As the crypto markets experienced a significant $110 billion decrease in the past week, Bitcoin has strengthened its position as investors seek safety, resulting in a 9-week high market dominance of 56.5% of the total crypto market cap.
While the short-term outlook appears to favor Bitcoin, the renowned crypto analyst Moustache recently highlighted a potentially bearish signal on the Bitcoin 3W chart, leading to speculation about the potential for an upcoming Altseason.
Emergence of Bearish Cross
In a recent analysis, Moustache has identified the formation of a bearish cross on the 3-week chart for Bitcoin dominance, indicating a potential shift in market sentiment. Historical trends suggest that such occurrences have preceded a shakeout in the altcoin market before the onset of the Altcoin season.
#Altcoins
BTC Dominance is on the verge of forming a bearish cross on the 3W-Chart, and some still doubt whether an Altseason will occur, lol.
I hope you haven’t been shaken out, but good things take time.
I’m not selling, on the contrary, I am adding quality alts to my portfolio.
pic.twitter.com/sYZrdWAmrf
— ⓗ (@el_crypto_prof)
June 19, 2024
Furthermore, Moustache has expressed his confidence in the altcoin market by stating, “I’m not selling; on the contrary, I am adding quality alts to my portfolio.”
This statement reflects his belief in the potential of selecting altcoins and encourages investors not to panic.
Historical Pattern Indicates Upcoming Alt Season
In addition to the Bitcoin dominance analysis, Moustache has drawn attention to changes observed in the 3W Gaussian channel indicator, transitioning from red to green. This technical analysis tool, utilized to comprehend market sentiment and potential price movements, is highly esteemed for its precision in forecasting market trends.
#Altcoins
It has finally occurred.
The 3W Gaussian Channel has transitioned from red to green.
The last time this occurred was in 2020, following which we witnessed an Altseason that lasted several months.
I am so prepared.
pic.twitter.com/ArTOo2txv1
— ⓗ (@el_crypto_prof)
June 17, 2024
The last instance of such a rare event took place in 2020, preceding an extensive period of Altseason. This historical pattern bolsters Moustache’s observations, further heightening interest among investors and traders.
Current State of the Altcoin Market
The crypto market experienced a significant setback last week, with a total market capitalization loss of $110 billion. While Bitcoin suffered a minor 3% decline, altcoins bore the brunt of the losses. Numerous altcoin projects endured substantial declines, sparking concerns among investors.
Nevertheless, there are some who remain optimistic about the potential for a swift recovery in the altcoin market. Despite the recent setbacks, there is optimism that altcoins will bounce back quickly from the downturn.