After registering a profitable YTD, the Bitcoin market could soon lead the entire altcoin industry to a fresh bear season. For the second time since January 1, a daily candlestick closed below the 50 moving average. Interestingly, a head and shoulder formation is on the verge of confirming on the daily time frame, which means more downtrends on the lower time frames are highly plausible in the coming weeks.
Moreover, Bitcoin balances on top centralized exchanges – including Binance, Coinbase Pro, and Bitfinex – have increased with more than 56.4k units in the past 30 days. Historically, an increase in Bitcoin balance on centralized exchanges leads to an imminent sell-off.
Crypto Feras on Next Major Altcoin Season
According to a famous crypto trader on Twitter under the pseudonyms Crypto Feras, the crypto bears have the upper hand on a short-term basis. Analyzing Bitcoin’s weekly chart, the analyst noted that unless the instrument reclaims $29.3k, $24.5k is his next buy entry level.
Nevertheless, the analyst highlighted that most of the gains have been registered in the crypto market. As a result, Crypto Feras forecasted the next major altcoin season will kick in between Dec 2023 and May 2024. In this regard, the analyst insinuates that Bitcoin’s halving will play a major role, which is expected to take place in April next year.
Also Read: Top Analyst Predicts More Downfall for Bitcoin (BTC) Price: Will it Drop Below $27,000?
“This is not bs, it’s well calculated based on macro charts/Cycles length/Fed policy/borrowing Rates/On-Chain data,” the analyst noted. Adding that Ethereum price targets during the next cycle will be between $7600~11800$.
Nonetheless, the analyst indicated that 2024 is the most likely period for the next altcoin season to kick in based on historical data.