As the crypto community stands on the brink of what could be a huge season for the altcoin market, numerous indicators suggest a significant rise market change may soon be underway.
Notably, the focus on the crypto market is poised for the transition from Bitcoin to its competitors – altcoins – which are speculated to offer higher returns in the coming months.
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Anticipating the Altcoin Rise in These Months
Prominent crypto analyst Michael van de Poppe was vocal about this imminent change. According to Van de Poppe, the period from late June to October could be crucial for altcoins.
This period is expected to mark a significant recovery, bringing altcoin values back into alignment with their “historical norms.” This anticipation is based on current moderate movements and fundamental market settings that suggest a possible exponential rise.
O #Altcoins are ready for their upward race.
I think we will see a big push from the end of June through September-October.
A revaluation back to normal values after the great cascade of the first period of the year.
-Michaël van de Poppe (@CryptoMichNL) June 6, 2024
The fundamentals of the expected rise in altcoins appear to be intrinsically linked to Bitcoin’s movements. Often seen as an indicator of the broader crypto market, Bitcoin Price fluctuations have a ripple effect on altcoins.
Analysts suggest that if Bitcoin suffers a crash, it could catalyze a shift in investor focus towards altcoins. The rationale is that investors will begin to seek higher returns, which altcoins are poised to provide during this market phase.
Van de Poppe In-Depth Analysis indicates that this is more than mere speculation. Historical data and market dynamics suggest that altcoins gain momentum as Bitcoin consolidates or retraces.
This pattern is expected to trigger a “recursive demand shock” for altcoins, driving their prices to new highs.
Market indicators and analyst insights
Recent market activity provides hard data to support this analysis. The altcoin’s gradually rising market capitalization has risen from $1.108 trillion last week to a current valuation above $1.166, marking a resurgence in investor interest and market activity.
This is accompanied by insights from other market analysts who have observed critical technical patterns that suggest an imminent alt season.
For example, a notable crypto analyst, Mustache, highlighted a breakout of the Gaussian Channel on several altcoin charts – a technical indicator often associated with significant price movements.
According to Mustache, we witnessed substantial market rallies the last time Altcoins broke out of the Gaussian Channel. The current setup is very similar and the market could be on the verge of another big bull run.
Friendly reminder:
The last time Altcoins exited the Gaussian Channel and retested it was almost 4 years ago.
At that time, we also saw a buy signal at the supertrend as well as the EMA 10, which held up throughout the run.
Altseason is very close.🎯 pic.twitter.com/ENxX3pk9hs
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) June 4, 2024
Furthermore, data From analytics firm Santiment highlights this sentiment with specific examples. Altcoins like Shiba Inu It is Cardano we have seen a doubling in large-scale transactions, indicating growing investor interest in whales.
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This increase in large transactions is often a precursor to significant price movements, suggesting that substantial capital is entering the altcoin markets, ready to drive prices higher.
Featured image created with DALL-E, TradingView chart