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- An analyst predicts altcoins will bounce back in Q4, potentially reaching March 2024 highs.
- Bitcoin’s declining dominance supports a potential altseason as analysts foresee altcoins outperforming.
Popular cryptocurrency analyst Captain Faibik recently gave an optimistic prognosis for altcoins on social media, noting, “Altcoins are ready to bounce back soon.”
Seems like Altcoins are Ready bounce back soon..📈🔜
In Q4, Altcoins will Potentially reach their March 2024 highs. ✍️
Accumulate and HODL your Altcoin Bags with patience (Patience will pay off).#Crypto #Altcoins #Bitcoin pic.twitter.com/9J5EPwBCiu
— Captain Faibik 🐺 (@CryptoFaibik) September 8, 2024
Altcoins Poised to Rebound as TOTAL2 Forms Bullish Double Bottom
According to his forecasts, altcoins might recapture their March 2024 highs in the fourth quarter of this year. Currently, the entire altcoin market capitalization, also known as TOTAL2, is hovering around its lows and preparing to create a bounce along with a double bottom pattern.
This pattern is often interpreted as a bullish indication, implying that altcoins will shortly leap to their next major high. Faibik recommends investors “accumulate and HODL your altcoin bags with patience,” noting that patience will eventually pay off for long-term holders.
A recent report by Crypto News Flash (CNF), which identified a rare buy signal in altcoin dominance, supports this bullish outlook. This indication points to a possible “altseason” in the fourth quarter, in which altcoins outperform Bitcoin.
Analysts feel that the gradual decrease of Bitcoin’s supremacy strengthens the case for an imminent altcoin rise. Bitcoin dominance presently stands at 55.7%, a figure that has slowly fallen over the past year, indicating a potential shift in the market in which altcoins may seize the focus.
Furthermore, broader macroeconomic issues may contribute to the expected cryptocurrency recovery. According to CNF, one of the primary factors analysts are watching is the Federal Reserve’s prospective interest rate cut. A fall in interest rates might benefit both Bitcoin and altcoins, boosting overall market momentum.
Historically, Bitcoin has experienced price falls in September, but recent indicators indicate that the flagship cryptocurrency may defy this pattern and avoid severe losses. This departure from historical averages, combined with expected altcoin gains, might pave the way for a strong close to 2024 for the overall crypto market.
