Renowned crypto analyst and host of a popular YouTube trading show, Kyle du Plessis, known as Kyle Doops, has made a bold prediction regarding the future of the altcoin market. According to his recent video, he believes the altcoin season has just begun, and various indicators suggest that it will continue for at least the next eight weeks.
Altcoin season index signals positive outlook
In his video, Kyle du Plessis presented compelling evidence to support his bullish stance on the altcoin market. He highlighted data from the Blockchain Center analytics tool, which revealed that the altcoin season index has kicked off.
Currently, at 76, the index has crossed the threshold of 75, typically seen as the starting point of an altcoin season. This index value indicates that most altcoins have outperformed Bitcoin over the last 90 days, a trend observed recently.
Another key indicator that du Plessis pointed out is the Banter Bubbles chart, which illustrates the dominance of altcoins over Bitcoin from a weekly perspective.
While Bitcoin has experienced a modest 2% decline, many altcoins have seen substantial gains, with some surging by over 150% in the past week. This disparity in performance further supports the idea of an emerging altcoin season.
Kyle du Plessis highlighted a significant development on the Donchian channel, where the altcoin market cap recently closed above the baseline. This pattern is reminiscent of situations observed shortly before the altcoin seasons in 2016 and 2020. Such technical analysis reinforces that the altcoin market is on the verge of a significant rally.
Inflow of new money and upward trends
In addition to the Donchian channel, du Plessis examined three variations of the altcoin market cap: the altcoin market cap, the altcoin market cap including Ethereum, and the altcoin market cap with stablecoins.
These three metrics showed upward trends, indicating an influx of new capital into the altcoin ecosystem. While du Plessis believes the market is still in the early stages of an uptrend, he suggests that there is potential for further upward movement.
From a technical perspective, Kyle du Plessis is optimistic about the future of the altcoin season. He emphasizes the convergence of multiple indicators, including the Altcoin Season Index, Banter Bubbles, and the Donchian channel, all pointing towards a notable rally in the altcoin market in the coming weeks.
As the altcoin market gains momentum, investors and traders are undoubtedly eager to seize opportunities and capitalize on potential gains. However, it’s important to approach the market cautiously and conduct thorough research before making investment decisions. Cryptocurrency markets can be highly volatile, and past performance does not always indicate future results.
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