A popular trader explains when exactly the altcoin season starts and names three cryptocurrencies that could soon rally.
Trigger for the Altcoin season
The Bitcoin bulls are currently trampling – and the altcoins are heating up massively. For example, Bitcoin has gained around 5% in the last 24 hours, currently trading at $ 48,900. Apparently, the number 1 cryptocurrency by market capitalization is again trying to push above $ 50,000. Often double – digit green even with the alternative cryptocurrencies, in the weekly or monthly chart even three-digit. Cardano, for example, has just reached a new all-time high. Has the altcoin season started yet? If not, what must happen?
The popular professional trader Michaël van de Poppe (@CryptoMichNL on Twitter) has commented on this in a new video analysis. At the same time, he names three cryptocurrencies that he believes are potentially facing a rally.
Bitcoin would still fluctuate in a range at the moment, according to Poppe:
So the critical support we’re seeing with Bitcoin is still the $ 44,000 – $ 44,400 range.“
With a drop below, BTC could seek out earlier lows before starting to rise again. Normally, there would then be a retest of the lows, another lower high, and then a decline. At this stage, there would be numerous higher lows on the lower timeframe – and they would potentially create a squeeze before Bitcoin breaks back up. According to Van de Poppe, this scenario is exactly what triggers the altcoin season:
“If that happens, altcoins will most likely start shooting, especially given that Bitcoin will show strength.“
Because, according to the analyst, typically the altcoin season begins under the following conditions:
“The actual altcoin season begins when Bitcoin has hit rock bottom, Bitcoin is on the upswing, and when no one is interested in altcoins.“
Which altcoins are worthwhile?
Let’s move on to the trader’s current altcoin favorites. In addition to the Celer Network (CELR) scaling solution, Poppe also cites Litecoin in his analysis: LTC can reach a price target at $ 200, according to his forecast. Condition: Litecoin manages to stay above its current level of support. On a chart, Poppe shows $ 165 as the range that Litecoin needs to hold.
“And if that’s the case, we can continue to make higher highs and higher lows where the trend continues. And then we can start targeting $ 220 as the next level for Litecoin.”
For comparison: Currently (time of this article) Litecoin is quoted aloud Coinmarketcap.com at $ 182, only marginally below the predicted peak.
Poppe also expects a bull run at the crypto credit card issuer Swipe (SXP). The charts suggest: Swipe is ready for a breakout. Poppe:
“The good thing is that [Swipe] actually broke out again above the 100-and 200-day MA, which means a new bull run could set in.“
You can watch Poppe’s full video analysis here.
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