Bitcoin has broken through the inverse head and shoulders pattern, achieving new all-time highs. These events are boosting confidence in the crypto market and the potential rise of altcoins.
Bitcoin Breaks Technical Levels
Bitcoin has broken through inverse head and shoulders levels, opening a path to targets ranging from $130,000 to $300,000. A smaller pattern targets $150,000 to $160,000. Analyst Dan Gambardello stated that continued movement requires a strong separation from the neckline before reaching the targeted zones.
Fall in Bitcoin Dominance and Potential for Altcoin Season
Bitcoin dominance is falling on weekly charts as Bitcoin reaches new all-time highs. This mirrors conditions from November when Bitcoin experienced a sharp rise, potentially signaling an upcoming altcoin season. Dan Gambardello notes that the current fall in Bitcoin dominance aligns with Fibonacci levels, suggesting a possible increase in altcoins.
Altcoin Markets Approach Key Breakout Levels
Altcoin markets are targeting a breakout at the $1.25 trillion market cap resistance area, which has become a multi-touch zone. A breakout above this level could trigger new upward trends. Current conditions are creating favorable conditions for an altcoin season, with projects like Cardano testing key levels.
The current market conditions and significant technical signals provide potential opportunities for investing in altcoins, anticipating their rise as Bitcoin dominance declines.
