Crypto analyst Moustache contends the market is on the cusp of an altcoin season of a magnitude not seen since the epic crypto bubble in 2017. Across a series of recent tweets, Moustache shared numerous charts tracking key metrics that support this thesis.
“Are we facing a Altseason that only happens every few years? In this thread, I’ll show you some charts that indicate that the time could soon come,” Moustache tweeted.
The Green Light: The Gaussian Channel
One of the most bullish signals, according to @el_crypto_prof, is the change of the Gaussian Channel for Altcoins to green. He points out that in 2016 and 2020, the green channel acted as the ultimate go signal for altcoins. This change in the Gaussian Channel suggests that we may be on the cusp of a major altcoin season.
The Wyckoff Method: Following the Plan
@el_crypto_prof has been sharing charts for several weeks, focusing on the Wyckoff Method. He notes that things have been going according to plan so far, and the next upward wave could surpass anything seen before. Phase E, known for being the strongest wave, is expected to unfold.
Similarities with the Past
When closely examining the current altcoin cycle, @el_crypto_prof points out that it bears striking similarities to the previous one. The only difference is that this time, it is projected to be much bigger and take longer to unfold. This observation further supports the notion of an impending altcoin season.
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Show more +The Golden Cross: Gooner EMA
Another significant indication highlighted by @el_crypto_prof is the potential golden cross in the Gooner EMA for altcoins. In 2016 and 2020, this crossover signaled the beginning of a parabolic uptrend. Acknowledging that it may be challenging, @el_crypto_prof emphasizes that from this point onwards, doing nothing could be the key to success.
Multiple Bullish Signals
@el_crypto_prof reinforces his optimism by pointing out several bullish signals. He mentions that the On-Balance Volume (OBV) is bullish, the TSI (True Strength Index) has experienced a bullish cross on the monthly chart, and there has been a perfect backtest similar to that of 2020. These signals were present at the start of the altcoin bull run in 2020, hinting at a potential repetition in the current market.
Altcoins Over Bitcoin
While some are still waiting for Bitcoin to reach $12,000, @el_crypto_prof believes that altcoins are preparing for a monster run. He notes that the zero line in the MACD has been broken, and Bitcoin has already surpassed the 0.618 Fibonacci level. According to him, altcoins are likely to follow suit.
The Biggest Altcoin Season Since 2017
In a tweet, @el_crypto_prof confidently claims that the biggest altcoin season since 2017 is upon us. He reminds his followers that he has been expressing this belief for quite some time, having published a chart in April/May 2022. While it may be taking longer than the last cycle, @el_crypto_prof remains steadfast in his prediction.
Ethereum and Altcoins
@el_crypto_prof draws attention to the relationship between Ethereum and altcoins. He highlights the descending broadening wedge and ascending triangle patterns, which are nearly identical to those observed in 2020. As Ethereum is considered the leader of all altcoins, he suggests that if ETH experiences an upswing, altcoins are likely to see even greater gains.
A Familiar Game
To further stress his point, @el_crypto_prof shares a chart comparing the altcoin cycle of the past with the current one. He asserts that the similarities speak for themselves, implying that history tends to rhyme in the cryptocurrency market.
Investors and enthusiasts eagerly await further updates from @el_crypto_prof, who promises to share more charts and insights in the future. Only time will tell if this altcoin season will indeed bring generational wealth to those who position themselves wisely.
Disclaimer: The information provided in this article is based solely on the tweets and analysis of @el_crypto_prof. Investors are advised to conduct their own research and exercise caution when making investment decisions in the cryptocurrency market.
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