Altcoins Are 'On The Verge Of A Golden Cross,' Says Analyst: This Is His Key To Success

Altcoins are presently on the verge of a golden cross, according to a technical chart analysis by an analyst. He describes the market as entering an "altseason."

What Happened: In his Feb. 14 tweetstorm, technical analyst Moustache indicated that the market is experiencing an "altseason," which occurs only every few years. He pointed to some charts suggesting that the time could soon come:

• The Gaussian channel, which turned green in 2016 and 2020, has done so again.
• The Wyckoff Method chart could be entering Phase E, the strongest uptrend.
• The current altseason resembles the previous one, with the difference being that “this time it will take much longer, as it will be much bigger.”
• Altcoins are on the verge of a golden cross.

Moustache believes this to be the biggest altseason since 2017, with Ethereum as the leader of all altcoins: "if $ETH goes up, alts will go up even more.”

His advice: “doing nothing is the key to success.”

Bitcoin and altcoin traders Mister Crypto and Crypto Rover also analyzed the “Path to Altseason,” seeing four phases, where Bitcoin is the first, followed by Ethereum, large caps, and finally altcoins in the last phase.

Crypto trader and technical analyst Mags shared what he believes to be the final resistance for altcoins before price discovery:

Read Next: Altcoins Bleeding In Correction Phase: 'This Is Nothing More Than A Buy The Dip Opportunity,' Says Analyst

Why It Matters: With Bitcoin surpassing $52,000, its valuation crossed $1 trillion for the first time since December 2021. Based on Tradingview data, the total market capitalization of cryptocurrencies excluding Bitcoin stands at $873.7 billion, 9.8% spike than in the previous month and 67.2% up in the last six months.

Altcoins arecryptocurrencies outside of Bitcoin and include meme coins, though not all altcoins are meme coins.

What’s Next: Lark Davis, a cryptocurrency YouTuber, expects the U.S. Securities and Exchange Commission to approve more spot ETFs for altcoins in 2024, triggered by the imminent Ethereum Spot ETF approval in May 2024.

On Feb. 2, in a video posted on X, he speculated about the possibility of other spot ETFs like Solana and even Dogecoin.

Also Read: Bitcoin Tastes $48,000 As Ethereum And Avalanche Follow, Led By Record ETF Asset Inflows: The Week In Retrospect

Image: Pixabay