1. Altcoin Breakout on the Horizon
2. Bitcoin’s Declining Dominance Opens Door for Altcoins
3. Investment Prospects

In recent months, altcoin prices have plunged by 30% to 70%, causing many investors to question the worth of holding their assets. However, the outlook for altcoins might not be as negative as it appears.

Altcoin Breakout on the Horizon

Renowned crypto analyst Moustache highlights that altcoins are forming a perfect Wyckoff accumulation pattern, indicating a potential surge. He believes the current consolidation phase suggests a significant upward move for altcoins soon. Alongside the Wyckoff pattern, Moustache also points out a large descending broadening wedge forming, often signaling a period of accumulation before a bullish breakout.

Bitcoin’s Declining Dominance Opens Door for Altcoins

Bitcoin’s dominance is a key factor influencing the rise of altcoins. For altcoins to shine, Bitcoin’s dominance needs to decrease. According to the weekly chart, Bitcoin’s dominance (BTC.D) fell from 62.69% in March 2021 to 40.89% by May. This period coincided with many altcoins reaching their all-time highs during the last bull market.

Investment Prospects

Although the market shows some minor volatility, Moustache remains optimistic about the long-term outlook for altcoins. The broader market still looks promising, with potential for significant gains as the next upward movement approaches. Investors should focus on the bigger picture rather than short-term price changes.

With the growing attention on altcoins and Bitcoin’s declining dominance, there is significant potential for further price increases in altcoins. Investors should remain cautious but mindful of the long-term prospects of the cryptocurrency market.