Many crypto enthusiasts with heavy bags have been waiting for a long time for the Altseason to come. It seems that it is an everlasting wait. Altseason in crypto is like Christmas when kids dream to receive their preferred toy, crypto holders dream to get their lambos.
Meanwhile, the price of Bitcoin already tripled this year, altcoins seem to be yet at low levels.
As it is shown on the Wall Street Cheat Sheet, the market has cycles and we found exactly when bitcoin was in the disbelief phase. In that article, we also explain what are the market cycles for those who are new to trading.
It happened when Bitcoin started moving to the upside at the beginning of April with strong price action and then the rally stopped going a bit down and this was the best time to buy bitcoin.
Now looking at the Altcoins chart we see that in May and June the overall Altcoin market nearly doubled in term of dollars. This happened because of the bitcoin appreciation but Alts have been still loosing against bitcoin.
However at the end of June and still at the beginning of July we see a decline in Altcoins price even after bitcoin price stabilized around $11,000.
Looking at the crypto social media we see that the sentiment about altcoins is at the lowest since the ATH in December 2017. So we can officially say that we are in the disbelief phase on the Wall Street Cheat Sheet.
Most of the people have lost the faith in Alts and most think that will not be another Altseason, so this might be the perfect timing to long the Alts.
However, timing the Altseason is a more complex thing that timing the Bitcoin bull market. Bitcoin as already a mature asset and it is getting the attention of institutions. On the other side, the Altcoin area is full of worthless coins, scam projects and pump and dump schemes that even if they may bring gains are destined to go to zero.
This is why it is important that you do a deep research before getting into Altcoins. Only the projects with strong fundamentals will survive in the long term. Also, it is important to remember that investing in altcoins especially low caps, the potential of gains is greater as it is also greater the risk of losing most of the investments.
What are your thoughts about the Altseason? Did you still believe it is coming or you think there will not be another Altseason.
Feel free to post your thoughts in the comments below.