Bitcoin

<p class="p2">The altcoin season, a name which represents a period where the&nbsp;<a style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;" href="https://www.newsbtc.com/bitcoin-news/analyst-breaks-down-bitcoins-potential-for-surge-and-setback-reveals-5-key-trends/" target="_blank" rel="noopener nofollow">prices of cryptocurrencies</a>,<a style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;" href="https://www.newsbtc.com/bitcoin-news/analyst-breaks-down-bitcoins-potential-for-surge-and-setback-reveals-5-key-trends/" target="_blank" rel="noopener nofollow">&nbsp;besides Bitcoin</a>, rise rapidly, has become synonymous with the crypto market.&nbsp;Despite predictions that the altcoin season was coming, it is yet to begin even after <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-65500/" rel="nofollow noopener" target="_blank">the Bitcoin price</a> hit a new all-time high. However, this incredibly bullish period may not be too far off as one of the most popular analysts in crypto, Capo of Crypto, points out an interesting correlation between the current cycle and the 2020 cycle.</p> 
<h2 class="p2" id="capo-of-crypto-finds-similarities-between-2020-and-2024">Capo Of Crypto Finds Similarities Between 2020 And 2024</h2> 
<p class="p2">Crypto analyst Capo of Crypto took to X (formerly Twitter) to announce that <a href="https://www.newsbtc.com/news/altcoin-season-heres-what-glassnode-data/" rel="nofollow noopener" target="_blank">an altcoin season might be close</a> due to current market trends resembling those from 2020 before the altcoin season began in the last bull run cycle.</p> 
<p class="p2">The crypto analyst <a href="https://x.com/CryptoCapo_/status/1816040979628949685" rel="nofollow" target="_blank">quoted</a> his analysis from 2020, where he explained why he believed that the altcoin season was coming. In that 2020 thread, Capo points to a number of factors, such as Bitcoin’s dominance reaching resistance, Bitcoin price reaching a bottom, and general sentiment being bullish, meaning a higher risk appetite among crypto investors.</p> 
<p class="p2">At the time, the Bitcoin price had bottomed in December 2020, before the <a href="https://www.newsbtc.com/bitcoin-news/is-altcoin-season-around-the-corner-bitcoin-halving-points-to-potential-boom-analyst-reveals/" rel="nofollow noopener" target="_blank">altcoin rally began</a>. If this is the case, then it means the analyst believes that the <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-shiba-inu-dogecoin/" rel="nofollow noopener" target="_blank">Bitcoin</a> decline is over. Also, at this point, investors could be getting ready to rotate profits from BTC into altcoins, speaking the start of another altcoin season.</p> 
<p class="p2">Moving on, the analyst also points out that the Bitcoin dominance of the market was nearing resistance. In 2020, this level was around 72-75%. However, this time around, it seems the resistance level lies around 55-60% dominance for Bitcoin.</p> 
<p class="p2">At the time, Capo pointed out that <a href="https://www.newsbtc.com/news/bitcoin-dominance-traders-og-dogecoin-altcoins/" rel="nofollow noopener" target="_blank">the Bitcoin dominance</a> breaking down and the “OTHERS” dominance doubling from its position at the time would mark the start of the altcoin season. At the time of writing, the OTHERS dominance is sitting at 9.97%, according to data from TradingView. But if Capo’s 2020 analysis were to be applied here, the <a href="https://www.newsbtc.com/news/bitcoin-dominance-altcoin-buying-need-break/" rel="nofollow noopener" target="_blank">dominance</a> would have to rise to around 20% to kickstart the altcoin season.</p> 
<h2 class="p2" id="what-to-do-in-an-altcoin-season">What To Do In An Altcoin Season</h2> 
<p class="p2">Altcoin seasons are important to the crypto market given that it gives the <a href="https://www.newsbtc.com/news/altcoin-season-soon-quant-ethereum-pattern/" rel="nofollow noopener" target="_blank">opportunity for smaller altcoins to rally</a> and make gains for their investors. However, during this time, a lot of pump and dumps happen, which would lose investors money if they are not careful.</p> 
<p class="p2">Like Capo pointed out in the 2020 X thread, while a lot of altcoins will see massive rallies, “What is shit remains shit.” As a result, the crypto analyst cautions investors that: “This time you will have to choose wisely. Not all the altcoins will have crazy returns.”</p> 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/PcE2tTMf/" alt="OTHERS dominance chart from Tradingview.com (Altcoin season)" width="3286" height="1518">

Capo Of Crypto Says Market Is Similar To 2020 Altcoin Season, What Happened Last Time?

Зміст

Bitcoinist

Інші статті, опубліковані 25 лип. 2024 р.

Coinbase Pushes for SEC Chair Gensler’s Private Emails in Legal Dispute

An enterprise-grade platform for digital asset management, Fireblocks, increases startup adoption...

ZachXBT: Arbitrum lender likely an exit scam

Senator Cynthia Lummis to Introduce Groundbreaking Bitcoin Reserve Bill at Nashville Conference

A Deep Dive into the Use Cases and Future of ZKML in Web3

SHIB Prediction for July 25

Приєднуйтеся до нашої безкоштовної розсилки для отримання щоденних оновлень щодо крипто!