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After a red Monday, the cryptocurrency market seems to be moving towards a green end to the week, recording an increase of 18.54% from this week’s lows. Altcoins have broken out of a bullish formation, fueling investor optimism about the upcoming altcoin season.
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Final Altcoins Shakeout Is ‘Complete’
On Friday, the cryptocurrency market rebounded from its recent correction, with Bitcoin (BTC) reclaiming the $100,000 mark after days of holding below this resistance level. Similarly,
The king of Altcoins, Ethereum (ETH), regained the $3,400 range after falling below a key support level earlier this week. Other leading altcoins like Solana and XRP have also gained bullish momentum, with the former reclaiming crucial levels and the latter approaching its all-time high (ATH).
Notably, the total cryptocurrency market capitalization, excluding BTC and ETH, rose 4% in the last 24 hours, reaching its highest point since December pullbacks.
Altcoins burst into a three-year bearish trend during the November-December rally, hitting $1.1 trillion, their highest market capitalization since 2021. However, the sector struggled to post significant gains after the year-end corrections, falling around 25%. from the post-election highs.
Despite the performance, several crypto analysts predicted that Alts would see a bullish start to the year. On Monday, altcoins fell to their lowest price range in weeks, falling to a market capitalization of $900 billion, but are now retesting last month’s highs.
Amid current performance, Titan of Crypto suggests that the “final restructuring appears complete.” The analyst previously claimed that the “grand finale” was just around the corner, indicating that alts were about to explode.
Alts after Q1 2024 performance?
Recently, the analyst noted that a golden cross is “imminent” on the Altcoins chart. According to the publication, “It’s only a matter of time before FOMO kicks in,” as the 2021 Golden Cross, which occurred earlier that year, kicked off a massive alternate season.
Titan of Crypto added that early 2025 “could echo the explosive Altcoin rally of early 2021,” noting that the performance of the cryptocurrency market appeared to resemble the performance of four years ago.
Meanwhile, crypto investor Miky Bull noted that Altcoins appear to be repeating their Q1 2024 playbook, which could lead to a “déjà vu rally.”
According to the chart, the sector broke a multi-month trend line in late 2023 before a brief period of correction and a retest of new levels. Altcoins then exploded at the beginning of the first quarter of 2024, recovering until March, which is “tThe compelling reason why this alternate season “It could last until March.”
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the investor stated that the Altcoins market cap “just completed its fully loaded retest expansion phase,” as the cryptocurrency market cap, excluding the top ten tokens, had come out of a 42-day accumulation period, which which meant that “the rally in altcoins will continue.” “
Similarly, analyst Jelle highlighted that Alts had formed a bullish pennant “just below all-time high resistance,” which could lead to a massive rally once it is broken. After the recent surge, Altcoins have broken out of the bullish formation, leaving “price discovery just inches away.”
Featured image from Unsplash.com, chart from TradingView.com
