As Bitcoin struggled to show strength in its price, altcoins also seemed uncertain about the next move. However, a recent surge in star tokens has reignited the possibility of new all-time highs, potentially shaking up the entire altcoin market. Despite this, altcoins have demonstrated significant strength during times of consolidation for BTC & ETH, hinting at a potential Altseason on the horizon.
Bitcoin and Ethereum prices have seen slight increases since the start of the day, leading to a green market overall. Altcoins, which have been stagnant for a while, have started to surge, indicating a possible major altseason approaching. Traders have been actively moving away from BTC and ETH into other altcoins, resulting in large amounts exiting the markets.
A well-known analyst, ALI, shared data showing a significant outflow of $2.6 billion worth of BTC & ETH from the market in the past week. This movement may indicate a shift towards other altcoins due to the sluggish performance of these top tokens. Despite this, selling volume has decreased and the market cap has surpassed $2 trillion, hinting at a potential upcoming pump for Bitcoin and all altcoins.
Excluding Bitcoin & Ethereum, the total market capitalization has been trading within a falling wedge pattern. Following a recent bounce from support, a breakout above resistance is anticipated. The rally is expected to form a V-shaped recovery with a bullish Ichimoku cloud and a bearish reversal in RSI. Altcoins are likely to see a strong uptrend once RSI surpasses 65, potentially pushing the market cap above $600 billion.
However, the true altseason may kick off when market cap levels breach the crucial resistance zone between $700 billion and $710 billion.
