- Mikybull Crypto suggests that the total market cap’s pattern hints at an imminent altseason rally.
- Whale investors are positioning for the next altcoin surge, building significant buy walls across various altcoins.
In a recent tweet, famous crypto analyst and trader Mikybull Crypto stated that the long-awaited altseason is just around the corner. According to him, the overall market cap of cryptocurrencies, excluding the top ten by dominance, has begun to create a pattern similar to those witnessed during previous altseasons.
#Altseason is around the corner.
Keep it very simple pic.twitter.com/oUReDtNe8A
— Mikybull 🐂Crypto (@MikybullCrypto) August 22, 2024
Crypto Market Cap Correction Signals Potential Rally Despite Bitcoin’s Rising Dominance
According to the monthly chart he supplied, marked in pink, the crypto market cap is currently in a corrective phase after breaking out of a Falling Wedge formation. This pattern, which appears to be reaching completion, could result in a significant rally in the coming months.
Meanwhile, Bitcoin’s dominance is at 55.7%, with a growing trend over the last 12 months. The surge in Bitcoin’s dominance has prompted some concerns in the crypto world, particularly among those anticipating the start of an altseason.
However, the historical tendencies identified by Mikybull Crypto offer some hope that altcoins will soon steal the spotlight.
In addition to Mikybull Crypto’s views, Yoddha, a trader, recently indicated the possibility of a breakout in TOTAL3, a metric that tracks the total market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum.
Yoddha’s analysis, previously covered by CNF, implies that this breakout might mark the start of a new altcoin season. The increase in transactions on the TRON DAO network, driven by memecoins, indicates increased interest in the altcoin market, lending credence to the notion that an altseason is on the horizon.
Furthermore, the CEO of CryptoQuant stated that whale investors are preparing for the next altcoin rally. He observed that the volume of buy-limit orders for cryptocurrencies, excluding Bitcoin and Ethereum, has surged dramatically.
This suggests that a significant buy wall is being constructed, which may serve as the foundation for the anticipated cryptocurrency boom.
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