Bitcoin Consolidates as Altcoins Struggle
The price of Bitcoin remains uncertain as it hovers around $37k. This period is characterized by consolidation, with a slight uptrend and low volatility. Meanwhile, most altcoins are experiencing a downturn, except for LUNA-related tokens. However, there may be hope for altcoins on the horizon.
A Potential Uptrend with the Golden Cross
A crypto analyst known as MoustacheTA has spotted a rare trend in the altcoin market – the formation of a Golden Cross on the monthly Altcoin market chart. This bullish pattern occurs when the short-term moving average surpasses the long-term average. Historically, this pattern has aligned with altcoin rallies, as seen in 2016 and 2020.
Altcoin Season and Ethereum’s Impact
Altcoin season often follows a decrease in Bitcoin dominance. Since many altcoins are linked to Ethereum, the rising interest and price movements in Ethereum are closely monitored for their impact on altcoin prices.
The Golden Cross Predictions
MoustacheTA predicts that the Golden Cross could manifest shortly before the end of the month based on the current formation on the monthly Altcoin market chart. This could potentially indicate an upcoming uptrend for altcoins.
Hot Take: Is Altcoin Season Approaching?
With Bitcoin consolidating and altcoins struggling, many crypto enthusiasts are eagerly awaiting signs of an altcoin season. The formation of a Golden Cross on the monthly Altcoin market chart raises hopes for a potential uptrend in altcoin prices. Keep an eye on Ethereum’s performance, as it often influences other altcoins. The coming weeks will be crucial in determining whether altcoin season is indeed approaching or if Bitcoin will continue to dominate the market.
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