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Crypto traders may see a big upswing in altcoins as an anonymous analyst identified an “inverse head-and-shoulders” pattern. This could indicate decreasing Bitcoin dominance and a possible “altcoin season.” However, only 39% of the top 50 altcoins have outperformed Bitcoin in the past 90 days. Another analyst found a “bullish cross” in a three-week chart, suggesting a potential altcoin rally. The overall cryptocurrency market, excluding Bitcoin and Ether, has increased in value since September 6. Despite these positive signs, trading in crypto carries risks.

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Crypto traders are seeing some promising movements among altcoins (cryptocurrency alternatives to Bitcoin). A well-known anonymous analyst identified a pattern known as an “inverse head-and-shoulders” (IH&S) on a chart monitoring altcoins. This pattern suggests that altcoins might be ready for a big upswing. In other words, Bitcoin’s dominance might be shrinking and altcoins could be set for a real boost. The analyst believes this could mean we’re heading into an “up only” season for altcoins.

It’s worth mentioning, the overall altcoin market is still gradually improving. Currently, only 39% of the top 50 altcoins have done better than Bitcoin in the last 90 days. Normally, you need to see 75% beating Bitcoin before we can officially say it’s “altcoin season.”

On another positive note, an analyst found a “bullish cross” in the three-week chart. This suggests that a significant altcoin rally could be just around the corner. When a bullish cross appears, it usually signifies a possible upward trend.

On the whole, altcoins have been bouncing back. Since September 6th, the overall value of all cryptocurrencies (not including Bitcoin and Ether) has gone up. This could be another good sign that altcoin season is on the horizon.

Keep in mind; trading in cryptocurrency comes with its risks. Do your own homework and make informed decisions.

Source: Cointelegraph