Bitcoin Moves Sideways: Will Altcoins Continue to Rise to Trigger a Strong AltSeason?
The post Bitcoin Moves Sideways: Will Altcoins Continue to Rise to Trigger a Strong AltSeason? appeared first on Coinpedia Fintech News
Bitcoin price faced a significant pullback in the early hours of the trade, hitting the daily lows at $40,400 from the opening levels of around $43,789. An 8% drop in the value whipped out more than $150 million from the crypto space, which has also triggered a fresh bearish wave. The majority of the altcoins have also dropped by a large margin, suggesting a healthy correction could be on the horizon after a brief rally.
Now that the star token is consolidating below the gains and is trading sideways, altcoins are expected to rise. The total market capitalization of the altcoins has been rising ever since it flipped from the lows in the first few days of October. With this, the levels soared beyond $760 billion and are currently consolidating just below the levels. Moreover, the levels have fairly held above the crucial support, hence raising the possibility of an AltSeason, which is anticipated to start soon.
One of the popular analysts, anonymously known as Captain Faibik, believes the dips can be a good buying opportunity and an altseason can begin somewhere in Q1 2024.
“Dips are buying opportunities during a bullish trend.
Those who bought in the FOMO are likely engaging in Panic selling now.
It’s the right time to buy the dips, Hold with the Patience.
Anticipate another Altcoins Bullish Rally in Q1 2024,”
The altcoin market cap is undergoing yet another historic retest. The levels have been following a pattern since the start of consolidation for over 550 to 600 days, which triggered a massive upswing towards new highs. If the altcoins follow a similar pattern, then the market cap could go high and hit the upper target somewhere beyond $3 trillion.
