Crypto Analyst Points to Signs of Impending Altseason As Altcoin Golden Cross Appears
A well-known cryptocurrency analyst has suggested altcoins may be about to enter a bull run, based on the appearance of a golden cross pattern in a chart of the total market capitalization of digital assets, excluding Bitcoin.
Analyst Alerts Altcoin Investors to Golden Cross Formation
The cryptocurrency analyst known as “Moustache” took to Twitter to tell followers that altcoins appear to be on the verge of a golden cross. This chart pattern has previously foreshadowed bull runs.
This Altcoin Bull Run Pattern Has Been Seen Before and Could be a Sign for a New One
When altcoins perform better than Bitcoin, the market enters “alt season”. The recent golden cross pattern suggests the possibility that such a market stage is near. Golden crosses are supposed to be bullish breakouts predicting a bull market.
What to Know About Golden Crosses in Crypto
Golden Cross patterns have three stages, each requiring different trends and price movements. The pattern has historically indicated the turning points of market trends but it is important to note investing in crypto based on historical patterns could pose risk factors.
Prospects of Altseason Highlighted by Whales and USDT Movements
The prospect of an altcoin season are reportedly being backed by large cryptocurrency investors accumulating stablecoins in recent weeks. The substantial amounts of stablecoins exchanged by these big investors suggests inflows to exchanges, hinting at a potential drive to push prices higher by these investors.
Santiment Observes Whales Are Preparing to Buy In
Monitoring the movements of Tether, Santiment notes big USDT holders have been sending these digital assets to exchanges, potentially to enter the market. Nearly 4% of the USDT supply moved back to these platforms.
Hot Take
Analyzing patterns and investor movements can offer hints at what might happen, but be mindful of the risks involved. The crypto market has been known for its volatility and technical analysis can only tell so much. Keep an eye on these developments, but trade smartly.
By
By
By
By