Altcoin Frenzy Forecast Riding Bitcoin’s All-Time High Wave To Altseason2024
Altcoin season seems imminent as Bitcoin approaches its latest all-time high (ATH). Many analysts expect altseason to begin and are optimistic about alternative cryptocurrencies’ potential for growth. Even though they are making gains currently and poised for significant upside momentum, there remains a window of opportunity for further rallying in the altcoin market.
Crypto analyst Titan of Crypto underscored that the ETH/BTC pair might be poised for a significant surge towards a specific target: the 161.8% Fibonacci extension level at 0.163. This could signal the onset of a substantial altcoin season in the near future.
Further, another cryptocurrency analyst stated that alternative currencies were poised for massive momentum shift – a signal towards a move from bitcoin domination. In case it turns out to be true, this will light what they call “Altseason2024” where value and popularity of alternative cryptocurrencies would highly increase.”
Captain Faibik, a crypto analyst, has shared insights on the altcoin season that is to come in May 2024 following the Bitcoin Halving event. This means there could be a change in market dynamics, leading to more activity and an appreciation in value of altcoins compared to Bitcoin.
What is important about this prediction is that it comes at a time when bitcoin halving events have historically been known to catalyze market movements and change investor mood. Therefore, investors are likely to track developments towards May 2024 as they envisage how this will affect their portfolio strategies and market positions.
Analyzing Altcoins Historical Trend
Crypto analyst Ash Crypto offers insights into historical trends with an update on ALTSEASON 2.0. Bitcoin is trading at its all-time high, while the altcoin markets have also experienced a substantial surge. However, amidst this euphoria, many investors await a potential correction, prompting a closer examination of the chart analysis.
A discernible pattern emerges after scrutinizing the current cycle alongside the preceding two: the ALT MARKET tends to enter a parabolic phase following Bitcoin surpassing its previous all-time high. An illustrative example dates back to April 2017, when Bitcoin shattered its 2013 high of $1163.
This event resulted in a massive increase in the value of the ALT market by $1 billion to about $78 billion within eight months and has had an 8000% increase. In fact, several altcoins went up by 100x to 1,000x during this period while there were only 1000 altcoins.
Similarly, in December 2020, the trend repeated when Bitcoin exceeded its 2017 high of $19,600. It was at this stage that another parabolic move of the ALT market started, raising its capitalization from $42 billion to $425 billion (an approximately 900% surge). The falling phase saw altcoins gain massively within this range of 30x to 200x.
Bitcoin’s new peak was reached in February 2024. Based on previous circles, there will most likely be a parabolic rise in altcoins for the next six months. As of now, the market cap of alternative coins stands at around $337 billion, with a potential to hit between $1 and 2 trillion in the future.
Preparation and understanding are key during this anticipated parabolic move. Rather than succumbing to fear over corrections typically ranging from 20% to 30%, investors are urged to consider the potential gains, which could range from 300% to 1000%. A prudent approach involves implementing a Dollar-Cost Averaging (DCA) strategy and holding altcoins for 6-9 months to maximize returns.
Despite some believing that altcoins have already undergone significant surges, those acquainted with the parabolic moves of 2017 and 2021 recognize that the true surge may be yet to commence. This analysis aims to provide informed insights based on past cycles, steering clear of inducing fear of missing out (FOMO).
Related Reading | Nigeria Considers $10 Billion Fine Against Binance Over Economic Impact
