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The crypto market is gearing up for an explosive altcoin season, which could see major cryptocurrencies skyrocket to new highs. After experiencing a surge in December, altcoins entered a correction, leaving their next move uncertain. However, Captain Faibik suggests that the recent pullback was merely a “trailer” for the main event, with February potentially marking the start of the next rally. Bull Pennant Signals Altcoin Season Boom
In a recent X (formerly Twitter) post, Captain Faibik suggested that the altcoin season may be well on its way, as market indicators like a recently formed Bull Pennantshow positive signals that support this prediction. The analyst revealed that in early December 2024, the crypto market had experienced a significant uptrend before entering a deep correction phase. Related Reading Altcoin Season Alert: Analyst Says December Surge Was The ‘Preview’, Don’t Miss The Movie 9 hours ago
Captain Faibik said this decline was necessary as it allowed the market to cool off after significant gains. Usually, when a cryptocurrency experiences strong growth and a subsequent price drop, it tends to flush out weak hands in the market and reset overheated indicators. In the case of the crypto market, the pullback is seen as a healthy market reset that could set the stage for an even stronger uptrend.
Moving on, the crypto analyst noted that the market’s correction is almost over, paving the way for the next bullish wave. He shared a chart representing the total crypto market capitalization excluding Bitcoin (BTC) and Ethereum (ETH) on a 1-day time frame. Chart pattern points to an impending altcoin season | Source: Captain Faibik on X
Currently, the crypto market’s price action is forming a Bull Pennant characterized by converging trendlines. A breakout from this bull patternis anticipated, potentially leading to a $1.4 trillion market capitalization target for the broader crypto market.
The analyst has indicated that February could be a bullish month for altcoins if the Bull Pennant pattern breaks upwards. He warns investors to buy and hold their bagswhile waiting for this supposedly explosive altcoin season.
Historically, the altcoin season has seen cryptocurrencies other than Bitcoin surge dramatically as investors’ interest and demand from BTC to other alternative coins. Ethereum typically leads this trend, as its growth often sparks rallies across the altcoin market. However, with ETH underperformingagainst all expectations, the possibility of a full-fledged altcoin season remains uncertain. February To KickStart AltSeason
Sharing a similar sentiment with the timeline of Captain Faibik’s prediction for the altcoin season, many analysts have speculated that this bullish trend is set to occur in February. Specifically, Crypto Rover, a prominent crypto analyst on X, announcedthat the altcoin season will begin in the next two days. Related Reading Is Altcoin Season Here Already? VanEck Answers As Bitcoin Price Struggles Below $100,000 1 month ago
The analyst shared a chart highlighting Ethereum’s historical monthly returns from 2016 to 2024. The column for February shows that ETH has performed massively during this time almost every year, with 2017 recording its most significant return of 48.09%. Based on this analysis, Crypto Rover suggests that February could signal a bullish period for altcoins, triggering the start of the highly anticipated altcoin season. Overall market cap excluding BTC at $1.42 trillion | Source: TOTAL2 on Tradingview.com Featured image from Unsplash, chart from Tradingview.com