Crypto Analyst Says A Full Blown Altseason Might Be On The Horizon: Points To The Interesting Ethereum/Bitcoin Chart Structure
According to a recent tweet by analyst Alex Wacy, the ETH/BTC chart is signaling a potential strong momentum ahead, suggesting that a full-blown altseason might be on the horizon. Since October, altcoins have been gradually gaining momentum alongside the overall market, but they have not yet fully flexed their strength.
Wacy points out that Ethereum is currently trailing behind Bitcoin, as it has not yet hit its all-time high (ATH). Additionally, on-chain activity has dropped significantly, with gas prices ranging from 5 to 10 gwei.
What you'll learn 👉
Capital Rotation from Bitcoin to Ethereum and High-Cap Altcoins
Altseason typically kicks off when capital shifts from Bitcoin to Ethereum and high-cap altcoins. In the present scenario, Wacy anticipates that current holders will rotate their Bitcoin holdings into altcoins, potentially leading to a surge in the altcoin market.
Moreover, coins that trade on centralized exchanges (CEX) paired to Bitcoin may be the first to show strength, as investors look to diversify their portfolios and capitalize on the potential altseason.
ETH/BTC Chart: Key Level to Watch
Wacy emphasizes the importance of the 0.06 level on the ETH/BTC chart, stating that it would be a significant signal for the altcoin market. Once this hurdle is cleared, investors should brace themselves for a massive surge in altcoin prices.
The analyst also notes that there was a similar structure in 2017 that often leads to a strong impulse, suggesting that history may repeat itself in the current market cycle.
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Show more +On-Chain Activity and Gas Prices
The drop in on-chain activity and low gas prices on the Ethereum network may indicate a period of accumulation and consolidation before the potential altseason takes off. As more users and investors enter the market, on-chain activity and gas prices are likely to increase, reflecting the growing demand for altcoins.
Investors and traders should closely monitor the ETH/BTC chart and the 0.06 level. If this key resistance is broken, it could signal the beginning of a full-blown altseason, presenting significant opportunities for those who are well-positioned to capitalize on the market’s potential.
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