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The altcoin market has displayed several bullish signals over the past few weeks.
According to analysts, current movements in the altcoin market are reminiscent of those of the last bull market.
Despite the decline in altcoin market capitalization, Dogecoin (DOGE) and Avalanche (AVAX) saw strong gains.
For several weeks, all eyes have been on Bitcoin (BTC), which has climbed 30% over the last thirty days. However, altcoins, which typically follow in Bitcoin's footsteps, have shown several bullish signals lately.
After increasing by $300 billion over the past month, the market capitalization of the crypto market fell by 2.3% this Friday. Nevertheless, the altcoin market displays several bullish signals which suggest the imminent arrival of the bull market.
Is altcoin season upon us?
In a tweet published on November 17, analyst CryptoCon revealed that the altcoin market is showing several bullish signals.
âThis is clearly demonstrated by the uptrend of altcoins and the move above the 50-week simple moving average [SMA].
In previous cycles, notably those of 2016 and 2017, the move above the 50-week simple moving average was followed by a large upward movement.
This time however, the move above the SMA happened much sooner than expected. Indeed, most analysts expected this move to occur in 2024.
Considering all these factors, CryptoCon expects the next price movements to be as large as those we saw in 2016 and 2017.
However, crypto analyst Jelle believes that the altcoin season may be delayed, as the market capitalization of altcoins has not yet exited the accumulation phase.
For his part, crypto trader Moustache used the SuperTrend indicator to predict market developments. According to him, the indicator shows very strong buy signals for the altcoin market.
Likewise, Dan Gambardello, one of Cardanoâs biggest advocates, seems very optimistic about the future of altcoins.
âDid you know that Blackrock knows that altcoins are reducing Bitcoinâs dominance rate and that they publicly acknowledged this in their report?â
When the bull market begins, Bitcoin is usually the first cryptocurrency to go green again. It is then followed by Ethereum and other altcoins with large market capitalization, then by altcoins with small market capitalization
