The crypto experts believe that the long-anticipated ‘Altseason’ is expected to begin in the last quarter of this year. This time is generally characterized by the rising performance of ‘altcoins’, or the alternative cryptocurrencies that are not Bitcoin. Two of the analysts in the crypto space, Elja and Crypto Rover, have weighed in, creating further anticipation.
#Altseason will start in Q4
That’s the tweet. pic.twitter.com/JW1EoDLdQd
— Elja (@Eljaboom) October 4, 2024
Crypto analyst Elja has shared a chart that indicates that Altseason can begin in Q4. The chart illustrated the key trends and indicators that suggest an increase in altcoins’ prices. Crypto Rover, another analyst, also endorsed this prediction. Using historical data, he predicted that Altseason could start in the next 42 days at most. These insights have generated more attention from the traders and the investors.
According to historical data, #Altseason should start in 42 days…
— Crypto Rover (@rovercrc) October 5, 2024
The chart shared by Elja highlights several significant market movements. The market capitalization of cryptocurrencies other than the top 10 most dominant assets also display an upward trajectory within an ascending channel. This channel has been tested at the lower end many times which indicates that it is a strong support level of the market. These touches show periods of lows that are usually followed by bullish runs.
Altcoins Outperform Bitcoin Amid Bullish Divergence Signals
The chart also shows areas of resistance, particularly around the $12-$14 trillion market cap range. This resistance zone could act as a critical barrier to further price increases. However, if the market breaks through this resistance, the next target could be around $26 trillion, as indicated by a yellow flag in the upper range of the channel.
These predictions are also supported by historical data of previous cycles. Altseason is usually achieved after bitcoin consolidates or loses dominance. As Bitcoin price becomes stable, then investors transit to altcoins, thereby making the prices of altcoins rise. This change is yet to occur but with the market support remaining strong and the resistance levels being tested, the environment appears right for altcoins to rise in the near future.
