Altcoin season hopes rise as Bitcoin price forms a bullish pattern
Release: 2024/07/30 21:31 Reading: 712
Crypto Traders Brace for Potential Altcoin Season Amid Bullish Bitcoin Pattern
Bitcoin (BTC), the leading cryptocurrency by market capitalization, has formed a classic "cup and handle" chart pattern. This pattern, characterized by a cup-shaped bottom and a subsequent consolidation (handle), suggests a bullish breakout. The upper boundary of the cup was at $68,837, and the handle began forming in March.
Notably, the handle has also formed a falling broadening wedge pattern, indicating support at the 50-week moving average. This level has held strong since July.
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Gold, a traditional haven asset, provides a historical precedent for the cup and handle pattern. On its monthly chart, gold formed a cup between September 2011 and July 2020, followed by a handle and a breakout to a record high of $2,485 this month.
Bitcoin and gold share certain characteristics. Blackrock's CEO, Larry Fink, has compared Bitcoin to "digital gold," citing geopolitical tensions and rising US debt as supporting factors.
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Additionally, Bitcoin's fundamentals remain strong. Institutional investors are increasing their exposure through ETFs, while the Federal Reserve may soon begin cutting interest rates. Supply constraints have persisted since the halving event in April.
Analysts are optimistic about Bitcoin's future. Michael Saylor, one of its largest holders, predicts it will reach $13 million in his base case and $49 million in his most bullish scenario. CryptoQuant's founder, Ki Young Ju, believes the bull market could extend into mid-2025.
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Altcoin Season on the Horizon
A bullish Bitcoin breakout could trigger another altcoin season. Historically, altcoins have performed well during Bitcoin rallies.
Solana (SOL) reached $210 in March, Cardano (ADA) hit $0.81, and Polygon (MATIC) surged to $1.2887 during the previous bull run.
Meme coins have also outperformed larger cryptocurrencies in recent seasons. Pepe (PEPE), Dogwifhat (WIF), and Popcat have all seen impressive gains this year. Traders appreciate their low prices compared to Bitcoin and their high volatility.
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