#AltcoinBreakout The altcoin market has shown significant signs of a breakout, with multiple indicators and analyst predictions suggesting the start of an altcoin season. Recent developments indicate that the altcoin market cap has broken key resistance levels, signaling a bullish trend.
Analysts have confirmed the beginning of AltSeason with a Cup & Handle breakout, and altcoins are expected to see significant gains as market conditions favor a surge.
The total altcoin market valuation excluding BTC and ETH recently breached its key resistance level of $979.75 billion, confirming the breakout of a Cup and Handle pattern.
Market Analysts' Confidence: Market analyst MikybullCrypto is confident that this breakout is bullish. Based on these estimates, the altcoin market capitalization is poised to rise to $1.2 trillion or more, consistent with its overarching uptrend channel.
Technical Indicators: Other technical indicators, including momentum indicators, also correlate with this bullish outlook. The moving averages have now crossed into the green zone, signifying that market strength has returned.
Institutional Influence: Unlike past bull markets that were retail-driven, the current market is led by institutional players and spot Bitcoin ETFs. These players may prefer holding Bitcoin instead of inflating their capital into other altcoins, which may further slow down fund flow to the altcoin market.
Bitcoin's Role: Bitcoin itself remains a key participant in defining market conditions. Bitcoin’s price reached the highest level of $95,169.75 in recent trading and continues to rise towards $100,000.
Altcoin Season Index: The Altcoin Season Index has risen to 36, up from 21 in the past month. Since 75 is perceived as the full altcoin season, the positive pattern signifies more rotation of capital.
Historical Patterns: Historical data suggests a potential altcoin season, with a market breakout predicted for July. Analysts compare current patterns to 2017 and 2021 cycles, urging accumulation with caution and strong fundamentals.
