Possible Altcoin Season This Summer
Updated
The total market capitalization for altcoins (Total 3) appears to respect the support line, which suggests we might be near the bottom. This technical analysis indicates that we are at the low side of the 0.618 Fibonacci level. This level often acts as a strong support and could potentially lead to a significant push higher, similar to the 60% increase we saw from February to March. This upswing could happen as early as mid-August.
However, it's important to keep in mind the possibility of a slight drop to the 0.786 Fibonacci level, around a $545 billion market cap, before a significant upswing. This lower support level could provide a strong foundation for a robust rally.
Personally, I plan to wait until Bitcoin surpasses $64,500 before making larger investments to ensure lower risk management. This strategy aligns with a cautious approach, considering the potential volatility in the market.
Regardless of which scenario you believe in, there is a strong possibility of a substantial upswing this year, potentially exceeding the highs we witnessed in February. Stay tuned and manage your investments wisely.
However, it's important to keep in mind the possibility of a slight drop to the 0.786 Fibonacci level, around a $545 billion market cap, before a significant upswing. This lower support level could provide a strong foundation for a robust rally.
Personally, I plan to wait until Bitcoin surpasses $64,500 before making larger investments to ensure lower risk management. This strategy aligns with a cautious approach, considering the potential volatility in the market.
Regardless of which scenario you believe in, there is a strong possibility of a substantial upswing this year, potentially exceeding the highs we witnessed in February. Stay tuned and manage your investments wisely.
Trade active
Everything is progressing as planned. BTC, which provides market support, has reached its weekly cycle low. It is predicted that the rally will now ascend, initiating a phase of price discovery for BTC. This upward trend is likely to boost both the Total 3 index and altcoins over the next 30 to 60 days.Market analytics, such as the BTC Power Law, suggest that prices could reach as high as $300,000 per bitcoin. Additionally, the Stock-to-Flow model by PlanB indicates that prices could soar to $200,000 per bitcoin as early as the end of August. If these figures are achieved in August, it could result in a significant and rapid increase in the prices of altcoins.
Trade active
We are still holding the 618 Fib but struggling to go through the 0.5 Fibonacci levels at around 632B market cap. This is to be expected now that Bitcoin is having its half-cycle low, which happens every 30 days. The cycle low (DCL) was confirmed on Friday, July 5th, and today we are in the timing window for a half-cycle low (July 30th - August 9th).My expectation is that once we have a half-cycle confirmed, we can resume the uptrend and, in the near future, break an ATH for BTC. This is relevant because altcoins and Total 3 (all crypto excluding BTC and ETH) follow BTC as their leader.
Trade active
It’s been a relatively boring summer, but things are starting to happen. Total 10 is now breaking out of a narrowing wedge, and I have made a Q4 trading plan for an entry on October 6 and November 9 from a cycle perspective. The chart can be seen below.
Other than that, I will keep this chart open until we reach 900B, and we’ll see how long after 'late October' that will be. God bless.
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