Altcoin Season Inbound as Metrics Hit ‘Sell Your House’ Levels, Says Expert
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Prominent crypto trader Luke Martin believes altcoins might be in a prime accumulation phase amidst a brewing altcoin season, pointing out a buy signal that hasn’t triggered so low in over three years.
In an August 28th X post, Martin highlighted a significant development on the “alts buy signal” chart, which indicates buy signals for the overall altcoin market based on historical data.
Martin said that when Bitcoin was at this level in the summer of 2020, the price “went vertical” in a sixfold surge which saw bitcoin go from $10k to 60k in the latter half of the year.
He cites this historical precedent as a strong indicator that altcoins might currently be at a “sell your house to buy more” level, suggesting a potential opportunity for traders to capitalize on undervalued altcoins before a possible market upturn.
While an altcoin season might appear unlikely given the current flood of negative sentiment in the market, other indicators lend credibility to the potential for an altcoin rally.
In an X post on the same day, pseudonymous crypto trader Mags highlighted a significant technical development: the altcoin market cap chart has formed a falling wedge pattern.
Mags described this formation as a “bullish continuation pattern,” indicating a potential continuation or reversal of the prevailing trend once the price breaks out of the wedge.
For the altcoin market, the falling wedge pattern implies that a bullish breakout could be on the horizon. This aligns with other experts’ opinions suggesting that the altcoin market might be setting up for a
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