ALT SEASON:
The alt season is referred as the time on which almost all of the altcoins are booming and are ignited by the fall in dominance and increase in the price of the King of ALTCOIN- Ethereum along with the stability in the price of the Bitcoin or increase on its price.
ALT SEASON TRACK RECORD:
FEW Month back we have seen a huge spike on almost all of the altcoins and big names like Ethereum, BNB, DOT has done more than 10X within a year. The gains were massive and if anyone has bought the altcoins before then they were in profit except in some coins which weren't able to cross their All-time high.
Also, some so-called investors have bought the peak and are still stuck waiting for the price to reach that level. If you are one of them then you can do DCA and decrease your price of buying. For a better explanation watch my previous article about DCA and Profit Booking here.
WHAT MAKES ME THINK ALT SEASON IS ON ITS WAY:
1. BITCOIN IS TESTING 42k$:
If you remember 42K $ is the same level after which there was a huge decline in the price of all altcoins. I have seen a few of the coins were down by 80% from their price before the dump. And now Bitcoin is testing to cross the 42K$ and is looking pretty strong which simply means if BTC remains strong here or at least stays above the 42K$ mark we will see the same rally as the previous one in top altcoins. And there will be money flow from high cap to mid-cap and to low cap respectively. In the coming days, BTC MOVEMENT plays a huge role in the spike of the altcoins, and from what I am thinking BTC will sustain above the 42k$ mark or at least between 40-42K$.
In the above picture, it is clear that BTC will
- struggle for few days before crossing 42K $
- Cross 42K$ with big volume today or tomorrow.
- Get rejected and come to test the 37k$ Level again.
If two of the above (First or Second) happens which I am anticipating then ALT will get a huge privilege.
2. BTC DOMINANCE SEEMS REJECTED:
You can clearly look at the trendline for the BTC DOMINANCE CHART and the dominance getting rejected from 47 levels. And if that happens we will see the target for the falling dominance as below:
- T1-44
- T2-41
- T3-39
Falling dominance simply refers to the flow of money from BTC to ALTCOINS and it will cause ETHEREUM to outperform the Bitcoin in a certain time frame and next to the coins after ETHEREUM.
3. Ethereum Preparing for BIG MOVE:
Today, at the time of writing this post Ethereum is trading above 3000$ and the next resistance above that for the Ethereum is at around 3400$ and after that Ethereum will test the previous ALL-TIME HIGH in a very short time period because we know how faster the sentiments changes in the crypto market. (AT THE TIME OF START AND FINISH THIS ARTICLE, ETHEREUM PUMPS BY MODEST 150$)
All of these conditions seem perfect for the Alt season and the start of that is looking perfectly in top-ranked altcoins.
For the coming few days it will be really crucial for the entire crypto market and for the altcoins too. If the above-mentioned conditions seem bullish in the coming days then we can conclude that we may test ATH once more time in BTC and with a similar or more spike in the altcoins following the ETHEREUM.
