Bitcoin Braces for Bull Run, Altcoin Season to Follow

Crypto analysts are foreseeing the imminent arrival of the much-anticipated “altseason,” a phase in the crypto market where smaller-cap cryptocurrencies surge in value, indicating a potential shift in the ongoing Bitcoin bull market.

Market observations made on April 11 by renowned trader and analyst ‘Rekt Capital’ highlighted the resilience of the altcoin market capitalization. Notably, in recent weeks, altcoins have steadfastly hovered around the $315 billion mark despite the fluctuating trajectory of Bitcoin’s price.

This stability has piqued the interest of crypto traders who are eyeing the altcoin markets for potentially higher risk-to-reward opportunities. Social media X user “Crypto Signals” states:

“The resilience of altcoins amid Bitcoins fluctuations is truly remarkable. It’s like that reliable friend who’s there for you through thick and thin, holding steady at $315bn like a rock.”

Altcoins not in Anticipated Phase

Traditionally, altcoin price movements have tended to trail behind those of Bitcoin, with indicators such as altcoin market capitalization and Bitcoin dominance serving as signals for the onset of an altcoin bull run.

However, despite the optimism, it’s noted that altcoins have yet to fully enter this anticipated phase. While Bitcoin remains in proximity to it’s all-time high of over $70,000, most altcoins have experienced corrections since their mid-March peaks.

Potential Reversal?

One key metric under scrutiny is the Bitcoin dominance chart, which has maintained levels above 50% since September 2023 and currently stands at 54.5%.

Analyst ‘Crypto Nova’ explains that the transition periods in Bitcoin dominance are indicative of when altcoins begin to shine, though this shift has not materialized yet. Observations on the chart’s sideways movement hint at a potential reversal in the making.

Support for the prediction of an impending alt season comes from technical analyst ‘Titan of Crypto,’ who emphasizes the significance of the Ichimoku indicator in potentially catalyzing this shift by impeding Bitcoin dominance. They stated:

“Like in 2021, SSB (Senkou Span B) the strongest line of Ichimoku, will play a big role in blocking Bitcoin dominance, initiating the altcoin season 2024.”

Likewise, analyst Kevin Svenson, notes the historical trend where post-Bitcoin halving narratives tend to favor altcoins, hinting at a favorable environment for their surge.

Bitcoin Market Update

As of the latest market update, altcoins are mostly trading flat, maintaining an overall crypto market capitalization of approximately $2.74 trillion.

Notably, while outliers like Toncoin (TON) have recently reached all-time highs, many high-cap altcoins, including Ripple, Dogecoin, Cardano, Avalanche, Bitcoin Cash, Polkadot, and Chainlink, still lag significantly behind their peak prices from 2021, contrasting with Bitcoin’s relatively smaller deviation from it’s all-time high.