The post Altcoin Season Boom: Are We on the Verge of a 2017-Style Altcoin Rally? appeared first on Coinpedia Fintech News
Experts who are monitoring altcoin every movement are scratching their heads about the start of the altcoin season. Normally, these seasons kick off a few months after Bitcoin’s halving, but this time, there’s a huge delay. According to renowned crypto analyst Moustache, the current altcoin chart mirrors the patterns seen in 2016 and 2017.
The big question now is: Could we be on the brink of another explosive rally like we saw back then? Let’s Find Out.
2017 Altcoin Surge Repeating Soon?
Moustache’s latest analysis suggests that the current altcoin market might be mirroring the conditions seen before the 2017 bull run, a period known for a massive surge. Back then, the altcoin market cap skyrocketed from around $240 million to nearly $85 billion.
Fast forward to today, the altcoin market cap sitting at approximately $827 billion, a similar rally could see it climb to between $1.8 trillion and $2.2 trillion.
Furthermore, Moustache highlights a crucial indicator to watch, i.e. the Relative Strength Index (RSI) on the 3-week chart. Right now, the RSI is in a downtrend. However, he believes that if the RSI breaks through this downtrend, it could signal a major rally for altcoins, this could mean exciting times for the altcoin.
Time For Altcoin To Shine
Renowned crypto analyst Michael van de Poppe has highlighted a promising signal for altcoins. He observed a potential bullish divergence on the Others/BTC chart, which could indicate a significant upward movement for altcoins compared to Bitcoin.
A bullish divergence happens when an asset’s price hits a new low, but an indicator like the Relative Strength Index (RSI) does not follow, suggesting that selling pressure might be easing.
Van de Poppe notes that this divergence shows the bottoming process for altcoins might be complete. This suggests that after a period of decline, altcoins could be ready for a price increase.