- Altcoins declared oversold as TOTAL3 bottoms.
- Altcoins show hard reversal indicators.
- Analysts highlight several bullish altseason arrival signals.
The crypto market has been signaling a steady fall in Bitcoin Dominance over the past few weeks, leading many analysts to believe that the long-awaited altseason peak phase is just around the corner. At the moment, altcoins declared oversold as TOTAL3 bottoms, and altcoins show hard reversal indicators, matching the expectations for the altseason phase to finally begin. One analyst goes on to break down the many bullish altseason indicators.
Altcoins Declared Oversold as TOTAL3 Bottoms
This bull cycle has been a long, slow wait for altcoin holders as the expectations for altseason to arrive in Q1 only fell drastically to waiting till Q4. This delay was caused due to Bitcoin’s early pump this bull cycle, where the price of the pioneer crypto asset when on to set a new ATH price before the cycle’s Bitcoin Halving event occurred. Historically, Q1 following a Bitcoin Halving event ushers in the cycle’s altseason.
However, the price of BTC instead went into a deep correction state in Q1, leading to all crypto prices falling dramatically. During this quarter, the price of BTC undid its entire pump cycle in the previous quarter and allowed the price of ETH to bottom, leading to altcoins finally rising in prices in Q2 and even going on to set new ATH prices in Q3. To highlight, BNB and ETH both went on to set new ATH prices.
To highlight, ETH’s pump was very slow and took a full two quarters to enter price discovery, only to fall back down to lower prices once again. Meanwhile, some altcoins like SUI, FET, and ONDO saw new ATHs last year, while SOL set new ATHs early this year, and BNB set a handful of new ATH prices last month. Only after all these altcoin milestones did ETH finally set a new ATH price of its own.
Altcoins Show Hard Reversal Indicators
At the moment, analysts are patiently waiting for the price of ETH to reclaim higher prices once again and enter back into its price discovery phase. Once ETH goes on to hit new ATH prices, other promising and highly potential altcoins are expected to follow, signaling the long-awaited arrival of altseason. As we can see from the post below, one analyst highlights all the bullish signals indicating altseason peak arrival soon.
According to this analyst, altcoins have been highly oversold, which means their prices should experience a major reversal soon. He also states that the RSI is oversold and that TOTAL3 has finally bottomed, signaling a major reversal for Ethereum and altcoin prices. In conclusion, he says this is a perfectly set stage for altseasons to be born and expects altcoins charts to go vertical shortly.
