The post Altcoin Season is Around the Corner: Analyst Forecasts $650 Billion Surge appeared first on Coinpedia Fintech News
The altcoin market excluding Ethereum has steadily held above $300 billion since June last year. With minimal cash inflow into the altcoin market during the bear market compared to the bull rallies, cash rotation from Bitcoin and Ethereum is the major lifeline supply. However, the Bitcoin market has significantly dominated the crypto bear market rally YTD amid increased demand from institutional investors, as depicted by the ETF frenzy, and mainstream retail traders.
Altcoin Season Before EOY
According to a popular and respected crypto analyst, Captain Faibik, most indicators are pointing to an altcoin season in the upcoming months. However, the analyst pointed out Bitcoin price action as the biggest impediment to the onset of an altcoin season. Notably, the analyst highlighted that the Bitcoin price must range between $26k and $30k, and its dominance drop by a factor of 4-5 percent in the coming months for the altcoin season to materialize.
The analyst expects the total altcoin market cap excluding Bitcoin and Ethereum to hit $650 billion. After consolidating for the past year, technical indicators including the daily RSI point out an imminent breakout. Further, the weekly RSI shows a rising divergence on a possible triple bottom on the altcoin market cap excluding Ethereum.
Arguably, the effects of several crypto projects going bankrupt late last year and earlier this year are still reverberating across the industry. With thousands of investors still unable to access justice, the altcoin season could delay compared to historical records.