A popular analyst known as TechDev shared that we might be on the brink of an altcoin season.
This isn’t just wishful thinking, but it’s based on a rare market signal that’s only popped up twice in the last eight years.
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There’s no second best?
TechDev, believes that altcoins are set to outshine Bitcoin soon. He shared some charts showing that in both 2017 and 2021, altseason kicked off when Bitcoin printed a new six-month candle after hitting its ATH.
“This has been the candle that altcoins make the moves many wait four years for.”
History rhymes?
TechDev suggests it takes about 1,280 days after Bitcoin reaches its previous peak for altcoins to really take off.
In the past, when this signal appeared, Bitcoin dominance dropped sharply for about a year. This gave alts plenty of room to flex their muscles and outperform BTC.
TechDev also pointed out that altseason often aligns with Bitcoin hitting the upper range of its Bollinger Bands on the weekly chart.
Bollinger Bands help traders spot potential price swings and determine if an asset is overbought or oversold, and when Bitcoin touches this expansion line, it’s like giving altcoins the green light for a wild six-month run.
Entry point?
Looking ahead, TechDev predicts that the TOTAL2 chart, which tracks the market cap of all cryptocurrencies excluding Bitcoin and stablecoins, is primed for some serious upside movement in the coming months. As of now, TOTAL2 is trading at around $1.476 trillion.
So, what does this mean for you? If you’ve been considering diving into altcoins, now might be the time to pay attention!
With historical patterns suggesting a shift is on the horizon, maybe it could be your chance to ride the wave as altcoins potentially take center stage.
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