A famous trader predicted the possible start of the “altcoin season”
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Johny Smith
2024/12/10
3 mins read
The TradingView chart, published by a well-known anonymous trader under the pseudonym Bike4sail, shows a weekly price analysis of Bitcoin (BTC) versus Tether (USDT), with an emphasis on the current bullish trend and possible resistance levels. The price of Bitcoin is at $87,003, on the verge of a possible correction, designated as a “temporary peak.” The uptrend continues into 2021 but is meeting resistance, which could indicate an upcoming correction or consolidation.
According to the chart, key resistance levels for Bitcoin are located around $89,900, which coincides with forecasts of a possible pullback. If the BTC price breaks through this level, it may face selling, which will be a signal for a deeper correction. Meanwhile, altcoins have also begun to show upward movement, signaling the potential start of “alt season”—a period when alternative cryptocurrencies rise in value faster than Bitcoin.
Analysts note that the decline in the dominance of Bitcoin (BTC.D) could give new impetus to altcoins. This is because when this value falls, investors often begin to move funds into other cryptocurrencies, which leads to an increase in the value of alternative digital currencies. If the price consolidates below the support line, Bitcoin may experience selling pressure.
Additionally, artificial intelligence (AI) had previously signaled sell at levels that have now become key resistance lines. These marks can serve as a warning to short-term traders to be cautious in the event of a breakout. These will need to be watched closely by market participants as any strong move could either confirm a continuation of the bullish trend or pave the way for a correction and consolidation within these key support and resistance levels.
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