Altcoin Season: Trading Expert Predicts Bleed Before Surge in Cryptos

Altcoin Season: Temporary Bleed Before Surge

Altcoin season is approaching, but esteemed trading expert CrypNuevo advises caution, predicting that altcoins may experience a temporary bleed before making a significant move upward. Following Bitcoin’s (BTC) leadership in the crypto market, several US-based altcoin projects, such as Ripple’s XRP, IOHK’s Cardano (ADA), and Algorand (ALGO), have gained considerable attention.

Market Movements and Bullish Signals

• XRP surged over 83% last week, crossing the $1 mark.
• Bitcoin’s dominance is currently between 60% and 62%.
• Analysts forecast a potential bull trap around the $100,000 psychological level.

Despite these bullish movements, CrypNuevo warns of a potential shallow pullback driven by anticipated resistance and broader market corrections. The S&P 500's psychological level of 6,000 may also affect altcoin performance in the near term.

Future Predictions for Bitcoin and Altcoins

The expert emphasizes upcoming trading opportunities, particularly as altcoins could bleed temporarily but will likely exhibit strength thereafter. If Bitcoin follows the projected path, it could trigger strong movements in altcoins, marking the start of a significant altseason. Investors should stay alert for potential market shifts, focusing on liquidity around key psychological levels.

However, it’s essential to remember that market predictions are inherently speculative. Factors influencing market dynamics can lead to unexpected outcomes.