Bitcoin (BTC) reached its all-time high of $69,000 to quickly retrace below $60,000 on the same day. Cryptocurrency traders eagerly expect an altseason to commence at any moment, boosting altcoins to previous highs.
On that note, Credible Crypto posted on X explaining how the cryptocurrency market usually behaves during bull cycles. Previously, the trader shared a winning experience trading Dogecoin (DOGE), in which he made from $10,000 to $100,000 in 48 hours.
Interestingly, Credible Crypto sees two possible scenarios regarding the start of a massive altseason. Nevertheless, both outlooks suggest that this cycle’s altcoin market could start at any moment, and investors should prepare their positions.
It is worth noting that the two scenarios are based on historical patterns. Therefore, they are not guaranteed to mirror the past action.
Two scenarios that could ignite an altseason
First, Credible Crypto explains that Bitcoin could test the historical resistance and reject the breakout. In this case, the trader expects a massive correction, followed by a consolidation that could ignite an altseason.
“BTC tags prior ATH but rejects/consolidates at the highs for a few weeks before beginning to accelerate to the upside to then double in a matter of weeks. Alts begin rallying right after BTC tags prior ATH, while BTC consolidates.”
– Credible Crypto
Second, Bitcoin could break the all-time high and move for huge gains in a few weeks. After this surge, the crypto expert forecasts a period of consolidation and the start of the altcoin cycle.
“BTC breaks its prior ATH with conviction and goes on to 2x in a matter of weeks—this is a mega breakout without much of a breather, and alts don’t get much love until BTC pauses after this breakout leg. Alts begin rallying en masse some weeks after BTC breaks prior ATH. In the latter- they start rallying almost immediately after BTC tags prior ATH.”
– Credible Crypto
In summary, he only expects altcoins to shine when Bitcoin’s price action cools down in consolidation. This could happen either after a correction, failing to break the $69,000, or after a price discovery pump.
Notably, Bitcoin seems to follow the first scenario nearly two days after Credible Crypto’s post. BTC dropped to as low as $59,458 on March 5, after testing the all-time high, and now trades at $66,319. This zone could consolidate as a range between $64,000 and $68,000, igniting an altseason.
In this context, Finbold has built a selection of altcoins that could multiply their capitalization by 10 during an altseason.
However, cryptocurrencies are volatile and unpredictable, and things can change at any time. Thus, investors must remain cautious and study altcoin projects while building investment positions.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
This news is republished from another source.
