🚀 Altcoin Rally Imminent? Watch for These 2 Signals to Flash Green
Despite a broad cryptocurrency gain two weeks ago that faded in a market slump, altseason hoopla continues. A prominent X analyst, PlanD, has identified two key indications that might trigger an altcoin market spike as investors anticipate a price comeback.
Ethereum And USDT Market Key To Altseason Future
PlanD provided a detailed technical analysis of Bitcoin (BTC), Ethereum (ETH), Bitcoin Dominance (BTC.D), and USDT Dominance in an August 1 X article. PlanD found strong resistance at $4,000, the highest resistance level of a three-year symmetrical triangle, in the ETH market.
According to the report, Ethereum's ability to stay over $4,000 is the first big altseason development. As the biggest cryptocurrency with a market valuation of $424.48 billion, a breakthrough would likely spark a rally by lower-cap alts and an altseason.
PlanD also notes the USDT Dominance chart's bearish flag breakthrough. While the breakout point at 4.71% may be retested, the analyst advises investors to watch for a drop to 3.81%, the breakout of a 1.5-year descending triangle, and 3.21%, the bearish flag's price objective.
PlanD argues that a decline in USDT Dominance to 3.21% is the “strongest signal” for an altcoin rise since it signals capital movement to other risky assets.
PlanD says that Bitcoin Dominance has twice retested a major support at a three-year rising wedge at 60.30%, suggesting a comeback. If BTC.D retests key market levels at 64.60% and 64.80%, the altcoin market may lose 10%–20%, according to the top expert.
PlanD expects Bitcoin to be positive in the next weeks with a $160,000 price objective. The trade expert suggests that Bitcoin may initially find support around $113,000, then rally past $118,700 and reach $160,000.
Bitcoin's decline may stop around $108,000 before climbing to the bull objective. Altcoin prices may drop 10–20% initially.
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