Analysts Warn the ‘Biggest’ Altseason Since 2017 Is Just Around the Corner
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.
As historical, technical, and fundamental factors ring bullish, analysts believe the groundwork has been laid for an impending altseason, with some citing its potential to be the “biggest bull run for altcoins since 2017.”
In a September 23rd X post, pseudonymous analyst Moustache observed that TOTAL2, the altcoins’ total market cap excluding Bitcoin, was in the process of breaking out of a descending broadening wedge that has been in play for the past six months.
Moustache explained that the optimistic outlook for altcoins is supported by the RSI breaking out of its downward trend fuelled by recent buying pressure, leading to an impending bullish cross from the moving average convergence divergence indicator (MACD).
He further emphasized that this setup could lead to “a god candle like we haven’t seen for years,” signaling a significant bullish movement in the altcoin market.
#Altcoins
I think we will see the biggest bull run for Altcoins since 2017.
All our targets are too low imo.
Charts and on-chain analysis pointing to this will follow this week.
With this recent buying pressure, Bitcoin’s dominance has lapsed to 57.48%, down 0.71% over the past week, according to TradingView data.
Analysts have interpreted this sharp decline as a sign that Bitcoin’s dominance is peaking. Investors appear to be selling BTC and rotating their capital into alternative coins, indicating that “altcoins are likely the focus for now.”
While technical indicators suggest an impending breakout, it is the fundamental catalysts that will sustain a more prolonged
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