Published on september 24, 2024, 12:25 am
Image source: Fox News
```json [ { "TLDR": "Analysts are optimistic about a potential altcoin season as altcoin prices surge following Bitcoin's recovery. Key indicators suggest a bullish trend, resembling 2017, but caution is advised as we may not be in a full altcoin season yet." } ] ```
Analysts in the cryptocurrency space are buzzing with excitement as they believe a new altcoin season is on the horizon. The recent surge in altcoin strength following Bitcoin’s recovery has led experts to speculate that we might be headed towards a significant altcoin season.
Experts like ParabolicPump and 360Trader have been closely monitoring the market, noting the bullish momentum in many #Altcoins and the total crypto market capitalization excluding Bitcoin and Ethereum. This surge in altcoin prices has raised eyebrows, especially with Bitcoin’s dominance on the verge of a potential downside break from its rising wedge pattern.
While traders keep a keen eye on Bitcoin’s dominance level, others like Nebraskangooner and Moustache are looking at key indicators such as the relative strength index (RSI) and moving average convergence divergence to gauge altcoin market capitalization trends. These experts are optimistic about the outlook for altcoins, with some suggesting that we could be gearing up for a substantial bull run reminiscent of 2017.
Despite these promising signs, caution is advised. The altcoin season index by Blockchain Center indicates that we may not be in full swing just yet. With only 39% of the top 50 altcoins outperforming Bitcoin over the last 90 days, it seems that we are not quite there in terms of an official altcoin season.
As with any investment decision in the volatile world of cryptocurrencies, it’s crucial for investors to do their own research and exercise caution. While signs point towards a potential uptick in altcoin activity, it’s essential to approach this market with prudence and diligence.
Original article posted by Fox News
