It is widely accepted that the fate of the cryptocurrency market largely depends on the performance of Bitcoin (BTC), creating such times for crypto investors who choose to invest in altcoins. As we’ve reported at Kriptokoin.com, when the BTC price drops, altcoins tend to follow. But once a bottoming process begins, altcoins tend to rise during Bitcoin’s consolidation phases, often leading to the start of an alt season. While Bitcoin’s current drop below $30,000 suggests it’s a little early to call for an alt season, analysts cite 3 different metrics pointing to alt season. Here are the 3 metrics experienced traders use…
1- ETH/BTC price action could be an early indicator
The idea of the possibility of an altcoin season using the ETH/BTC chart as an indicator, ETH/BTC’s 2016 -Reported by analyst alias PlanDeFi, who compared 2017 performance with the couple’s performance in 2021–2022 and posted the graph below. According to the projection provided, the next sub-season may start after the beginning of July and has the potential to extend until the end of 2022. Regarding the metric, PlanDeFi said:
Very similar, right? Accumulation > Refraction > Ascending Channel > Refraction. The market is bigger now, it just takes longer.
2- Alt season may be near
Looking at the history of altcoin market cap, El_Crypto_Prof, who posted the chart below for more insights that the cryptocurrency market may be approaching a breaking point. provided. Analyst El_Crypto_Prof, who thinks that the market is in Bitcoin season, told his followers about the chart:
When it comes to altcoins, I can see the following scenario happening. There are a lot of similarities with the previous cycle. The RSI also looks incredible. The next wave will upset many.
3-The market is firmly in the “Bitcoin Season”
Although the algorithms are pleasing to the eye and give hope to disappointed investors, most of them do not happen and they are not the right analysis methods to rely on when trading. The Altcoin Indicator provides a more metric-based method for predicting when the market is in “Bitcoin season” and “alt season”.
According to the chart above, an alt season seems unlikely to happen anytime soon as the metric currently provides a reading of 24, while the level required to indicate an alt season is 75. According to the index’s past performance, it took at least two to three months to reach the altcoin season level from the region, which indicates that it is Bitcoin season. According to the indicator, current forecasts suggest that an altcoin season may not begin until August or September 2022.
20280
