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Home»TRADING NEWS»Altcoin Season Is Coming: Analyst
TRADING NEWS

Altcoin Season Is Coming: Analyst

By Crypto FlexsDecember 28, 20232 Mins Read
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Altcoin Season Is Coming: Analyst
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Crypto Banter YouTube channel analysts believe the cryptocurrency market cycle will soon accelerate into an intense altcoin season.

In a YouTube video posted on December 28, the analyst gave his view on where the market is headed in the near future.

“We are in the middle of a bull market party,” the analyst said, citing gains seen across cryptocurrency assets over the past few months. But he believes there will be two main legs to this bull market. First, Bitcoin (BTC) and major altcoins reach new all-time highs, followed by a pause, and later breaking all-time highs. this year.

“Things are reaching a point where they are rapidly accelerating,” the analyst said, adding that he now sees “altcoin season” accelerating rapidly. He attributes this to Bitcoin’s slowing momentum allowing altcoins to “quickly catch up.”

As Bitcoin dominance declines and money flows from Bitcoin to altcoins, the analyst believes the market will see “the biggest altcoin surge against Bitcoin we’ve seen in a very long time.” His goal is to reduce Bitcoin dominance to 48-49% in the near future.

I think this is a phase where altcoins rise really quickly, and then there’s a cooling off until the halving happens.

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Rather than liquidating positions outright, analysts advise rotating profits into Bitcoin and stablecoins to ride out potential market corrections while remaining invested for continued upside.

“Don’t be afraid to save a lot of cash,” he said, noting there could be a four to six week consolidation period before the next step up.

Regarding key levels, analysts are watching to see if Bitcoin can break through resistance around $46,000-$48,000. Meanwhile, he has set a short-term target for Ethereum (ETH) at $2,500, which he believes could cause ETH to quickly rise to $3,500.

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