Altcoin Season Is Here: Analyst Hints Towards Potential Key Indicator

The post Altcoin Season Is Here: Analyst Hints Towards Potential Key Indicator appeared first on Coinpedia Fintech News

The altcoin market has been on a wild journey in 2024, hitting highs of over $1.27 trillion in March before a steady slide began. With a clear bearish pattern taking shape, hope seemed slim until now. Meanwhile, top crypto analyst Moustache has identified a powerful bullish signal in the Altcoin Season Index, hinting that a big turnaround might be right around the corner for altcoin enthusiasts.

Bullish Signals Hints Altcoin Run

According to well-known crypto analyst Moustache, the Altcoin Season Index—a key indicator for potential growth in alternative cryptocurrencies—is showing signs of a major breakout. 

#Altcoins

Friendly Reminder

The Altcoin Season Index is forming a bullish Inverse Head & Shoulders-Pattern over 3.5 years and is about to break out.

Most of the money in this cycle can be made in the next few weeks and months ahead. pic.twitter.com/ruHEof8iK6

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) October 6, 2024

Meanwhile, the analyst highlights that the Index is forming a bullish Inverse Head & Shoulders pattern over a 3.5-year period, a pattern often considered a strong indicator of upward momentum. 

With a breakout potentially around the corner, Moustache suggests that this could mark the start of a promising period for altcoins, where significant gains might be realised in the coming weeks and months.

Altcoin Season Index Update

Currently, the Altcoin Season Index sits at 37, below the critical 75-point mark needed to confirm the start of an “altcoin season.” Reaching this level would suggest that altcoins are outperforming Bitcoin, likely increasing investor interest and driving more money into alternative cryptocurrencies. 

Moustache’s analysis suggests that this breakout may be on the horizon, hinting at a possible shift that could draw significant attention

Crypto Bull Run Has Started?

Adding to this optimism, prominent analyst Michaël van de Poppe also sees signs of a new crypto bull run. He notes that, while the market’s current stage may appear subdued, it could resemble the strong rally of 2017.

With major financial players and institutional investors now entering the market and adding fresh liquidity, this inflow of capital could help fuel a broader rise in cryptocurrency prices. Together, these indicators provide a hopeful outlook for altcoin enthusiasts and investors.