In the crypto markets, the battle between Bitcoin and Altcoins is raging this week. As BTC consolidates, Altcoins are gaining color in the market. Are we on the cusp of the highly anticipated altcoin season?
Revenge of the Altcoins
In a post on social network
According to the analyst, despite a recent correction, the Altcoins market is expected to continue its recovery in the coming months. He points out that since last October, the total market capitalization of Altcoins (Total 3) has followed a characteristic upward trend. As a reminder, the TOTAL3 indicator includes all crypto, with the exception of Bitcoin and Ethereum.
Data highlighted by Poppe indicates that Total 3 recently peaked at $788.9 billion. Despite a slight decline observed, the analyst considers this development to be healthy for the current upward trend.
Poppe’s analysis shows that the uptrend has broken through several important resistances, particularly at $402.16 and $449.05 billion. Recent resistance at $583.01 has turned into support, suggesting further upside.
According to data from TradingView at the time of writing, Total 3 has rejected the pullback and is showing early signs of a continuing uptrend. The next major target is projected at $840 billion, before a potential new all-time high beyond $1.131 trillion.
Bitcoin takes a break
Poppe emphasizes that the next rally in Altcoins will coincide with a phase of consolidation in the price of Bitcoin. This correlation between the performance of BTC and that of Altcoins is an essential element for investors to take into account.
In the past, periods of stability or correction in the price of Bitcoin have often been favorable to the outperformance of Altcoins. This phenomenon, often referred to as “Altcoin season,” could happen again in the coming months, according to Poppe’s analysis.
However, investors will need to remain attentive and adapt to the rapid evolution of this constantly changing market.
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