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Brace for gains: Altcoins present a ‘once in a few years’ golden opportunity

source-logo  finbold.com 29 May 2024 17:56, UTC

Altcoins are all cryptocurrencies except for Bitcoin (BTC), which dominates the cryptocurrency market with over 50% of its total capitalization. Every cycle, however, the altcoins massively outperform the leader with staggering gains—this is known as an altseason, likely to start.

Notably, many cryptocurrency traders and analysts have warned about an imminent altseason throughout 2024, which has not yet come. Now, a known crypto and stock trader, Jelle, provided a clearer perspective on the altcoins’ cycle inside a bull market.

According to him, altcoins present investors with a “golden opportunity once in a few years” to “make a lot of money.” Moreover, Jelle believes this opportunity has already started playing out and urges traders to “not get shaken out.”

He shared this warning in a post on X on May 29, together with a long-term cycle technical analysis.

Bitcoin dominance and the altcoin opportunity

Another useful indicator to identify opportunities on altcoins is the Bitcoin Dominance (BTC.D). This index has been in a downtrend since 2017, currently at 53.87%, rebounding from the trend line’s resistance at 55%. BTC.D has notable support at around 40%, which is likely to be tested in the occurrence of another altseason.

However, it is important to understand that past action does not guarantee future events. An altseason might not happen even with the spotted multi-year pattern. Demand plays a crucial role in impulsing altcoins’ golden opportunity, which is why looking for solid fundamental projects is essential.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.