• 13 July, 2024
Markets News

Mikybull Crypto’s Chart Analysis Shows Altcoin Season Might Not Be Over

Mikybull Crypto, an analyst on X, recently questioned whether the altcoins season is over. He firmly states, “The chart tells you ‘no.’” He emphasizes that every cycle includes a shake-out phase to unsettle investors, urging them not to give up at the current bottom. His chart, illustrating historical price movements of altcoins, provides critical insights into why the altcoin season might not be canceled.

Mikybull’s chart, marked by vertical dashed lines, highlights the significance of halving cycles. Historically, altcoins experience bullish trends post-halving events. The chart shows a recurring pattern where prices dip before a new bullish phase begins. This pattern, observed around each halving cycle, suggests these dips are temporary and followed by upward movements.

The chart also employs Bollinger Bands and moving averages to showcase price volatility and trends. Prices often move towards the lower band before an upward move, indicating current dips might be buying opportunities rather than exit signals. Each cycle depicted includes a notable “shake-out” phase, where prices dip significantly before recovering and entering a bullish phase. This historical repetition implies that the current dip could be part of the same cyclical pattern.

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Mikybull Crypto’s assertion, “Is #Altcoins season canceled?” aligns with the chart’s cyclical pattern tied to halving events. The current dip mirrors previous cycles where prices dropped before a significant rally. He emphasizes that historical data supports the notion these dips are temporary, part of a larger bullish cycle. Therefore, the chart suggests the altcoin season is not canceled but in a preparatory phase for the next upward trend. The recurring dips before rallies indicate such price drops are common and should not signify the end of the altcoin season.

On July 4, an analyst highlighted the top altcoin picks for achieving financial freedom in a YouTube video. He stressed the importance of owning a piece of a business and enjoying life during retirement. The list included ten altcoins, notably Alfalink (AL), Sui (SUI), and Injective (INJ), deemed promising investment options.

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