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In a recent video analysis, well-known crypto analyst Kyledoops got on Crypto Banter’s YouTube channel to highlight the possibility of an altcoin season as the market sees a massive short squeeze.
Ethereum’s Rally Sparks Hope for a Rotation into Altcoins
Kyle noted that Ethereum has broken a significant high timeframe key resistance, and as long as it can hold above $2,000, there may be an opportunity for a rotation of money into altcoins.
Kyle pointed out that the market has experienced various forms of capitulation and is now ready to trend higher, with the possibility of an altseason emerging as Ethereum outperforms Bitcoin. He emphasized that the market is currently moving through the disbelief phase, where most people are caught off guard and do not believe in the potential of the crypto market.
The Path to Altcoin Season: A Gradual Process
The path to altseason is a gradual process, starting with Bitcoin season and Ethereum season before moving into large-cap coins and eventually other altcoins. Kyle explained that although altseason may still be some time away, the current focus should be on Ethereum, as its outperformance against Bitcoin could signal the beginning of the much-awaited altseason.
According to Kyle, the phases of an altseason include large-cap coins going parabolic, mid-cap and low-cap coins pumping, and a mania phase where everyone is excited, and the market appears unstoppable. However, he cautioned that these transitionary phases take time and that traders should not front-run the process.
As Ethereum continues to rally, the crypto market is showing signs of a stronger risk appetite, with market participants adopting a bullish stance on other coins. However, Kyle warned that traders should be careful not to get trapped in a long position if the market experiences a broader deviation back into its previous range. Ether is currently trading at $2,111.