#AltcoinBreakout

Three charts indicate that "it's altcoin season," as Bitcoin's dominance hits an eight-week low.

The BTC dominance charts, which show a downward trend, could be a sign that the long-awaited "altcoin season" has finally arrived.

Key points:

The "cup and handle" pattern of the altcoins projects a rise to $2.78 trillion in market capitalization, indicating an "altcoin season."

That Bitcoin's dominance is below key moving averages suggests that altcoins may outperform in the short term.

According to cryptocurrency traders, many altcoins are currently showing some bullish patterns that suggest "it's altcoin season," as Bitcoin's dominance begins to decline.

Altcoins aim for a "phenomenal" rise to $2.78 trillion.

In the latest altcoin analysis, trader Jelle highlights a breakout from a very bullish continuation cup and handle setup that is forming on the weekly price chart of TOTAL3/USD.

TOTAL3 refers to the combined market capitalization of all cryptocurrencies, excluding Bitcoin and Ether.

A breakout above the neckline of the pattern at $1.1 trillion could push TOTAL3 up around 100%, to $1.98 trillion.

"Altcoins have broken the cup and handle of several years!" the trader said in a Thursday post on X, adding:

“There's one last hurdle to overcome, but once we surpass the trillion-dollar mark, everything will go crazy.”

Veteran trader Peter Brandt observed a similar setup in TOTAL2, or the combined market capitalization of all cryptocurrencies except Bitcoin, on the weekly candlestick chart.

The measured target of this pattern is $2.78 trillion, representing a 97% surge in the total market capitalization of altcoins.

In response to the breakout, Brandt said:

“It's altcoin season.”