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The Altcoin Season Has Just Begun: Technical Analyst

The Altcoin Season Has Just Begun: Technical Analyst

Crypto analyst and host of a YouTube trading show, Kyle du Plessis, known as Kyle Doops, thinks the altcoin season has just begun. According to the renowned technical analyst, various indicators show that the altcoin market has entered a bull cycle that will continue for at least the next eight weeks.

In a recently uploaded video, the crypto analyst showed why crypto users should expect the altcoin market to rally in the coming weeks. Using data from the Blockchain Center analytics tool, Plessis showed that the altcoin season index has kicked off.

From the chart, the analyst showed that the index is tending towards the far right, with a value of 76, where 75 marks the beginning of an altcoin season. According to the analyst, the analytics tool reflects such values when most altcoins have outperformed Bitcoin over the last 90 days, which happens to be the case.

Plessis supported his position with an overview of the Banter Bubbles, which reflects an overwhelming altcoin dominance over Bitcoin from a weekly perspective. While BTC is down by 2%, most of the altcoins are registering significant gains, with some gaining over 150% in the past week.

The technical analyst also revealed a reclaim on the Donchian channel, showing that the altcoin market cap recently closed above the baseline. That is similar to the situation shortly before the 2016 and 2020 altcoin seasons.

Plessis further showed that the three variations of the altcoin market cap reflect the inflow of new money into the ecosystem. A chart consisting of the altcoin market cap, the altcoin market cap with Ethereum, and the altcoin market cap with stablecoins appear to be trending upwards. Nonetheless, he believes the market is still in the early stages of an uptrend, suggesting a potential move to the upside.

Technically speaking, the analyst thinks the altcoin season is still early. He notes that the confluence of events he has shared and many more indicators suggest a notable rally in the altcoin market in the coming weeks.

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