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July 24, 2024
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Is Altcoin Season Finally Here? Here’s What Traders Should Know

The post Is Altcoin Season Finally Here? Here’s What Traders Should Know appeared first on Coinpedia Fintech News

Bitcoin’s recent price surge has been nothing short of remarkable, with the cryptocurrency gaining over 25 percent in just a few days to trade around $28,000 on Tuesday. This is not entirely unexpected, as Bitcoin is often seen as a “safe haven” asset in times of economic uncertainty, which has been the case with the recent global banking crisis.

The resulting flight to safety narrative has significantly contributed to Bitcoin’s rally, hitting a nine-month high of around $28,400. Looking ahead, analysts anticipate that Bitcoin could continue its upward trend after tomorrow’s FOMC statement, although there is also a solid chance of a pullback to $25,000 before the rally continues to $30,000 and beyond, according to most experts in the industry. 

However, while Bitcoin’s price continues to soar, the altcoin industry seems to be relatively unaffected, maintaining a steady state.

An altcoin pump is expected to happen after the money flow moves from Bitcoin to large, medium, and small-cap crypto tokens in the coming weeks. Nonetheless, Bitcoin is expected to hold its market dominance as more institutional investors flee to risky assets from inflationary pressures.

Altcoin Season Underway 

According to YouTuber crypto analyst Miles Deutscher, the altcoin season is yet to materialize as Bitcoin is still in its pumping stage. However,  Miles thinks Bitcoin price is approaching the resistance level on the weekly chart around $30k. As such, Miles indicated that Bitcoin is at a critical stage that could see the digital asset spike to $40k or rebound to $25k in the coming weeks.

With all attention focused on Wednesday’s Fed’s interest rates release,  Miles thinks now is not a time to FOMO into the crypto market. 

“The main thing to note, though, from an altcoin perspective, is that altcoins vs BTC have been bleeding. We’ve seen the ETH/BTC chart continue to break down …. Since most people are buying Bitcoin driven by the spot market amid an impending financial crisis,” Miles noted.

As such, Miles indicated that a proper altcoin buy entry would be confirmed after the ETH/BTC reversal on the four-hour chart happens.

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