Analysts Point to 3 Key Metrics Signaling ‘Up-Only Season’ for Altcoins
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Cryptocurrency traders are pointing to a number of indicators that suggest a bullish trend for altcoins, potentially signaling the onset of an “up-only season.”
Several analysts have noted that key metrics and chart patterns are aligning to forecast a strong period ahead for altcoins, despite the market currently being dominated by Bitcoin.
One of the most notable observations comes from pseudonymous analyst Moustache, who highlighted the formation of a bullish pattern on the Altcoin Season Index in a post on October 11.
The analyst pointed to an inverse head-and-shoulders (IH&S) chart pattern that has taken shape on the index, which tracks the performance of altcoins relative to Bitcoin.
This pattern, which has been developing over 3.5 years, is widely seen as a signal that the market may be preparing for a significant shift.
An inverse head-and-shoulders pattern is typically viewed as a bullish signal.
It indicates that a market’s downtrend is losing momentum, and buyers are starting to gain control.
For altcoins, this could mean that Bitcoin’s dominance is beginning to weaken, paving the way for smaller cryptocurrencies to outperform, a scenario often referred to as “altcoin season.”
#Altcoins
Altcoin Season Index has been forming one of the most bullish patterns for 3.5 years: Inverse Head and Shoulders.
Up only season is near IMO.
The pain we have had to go through in recent years will soon vanish into thin air.
Wish everyone the best this journey.
