According to the esteemed Bitcoin trader Crypto Feras, the upcoming alt season is expected to commence from December 2023 to May 2024. Feras arrived at this prediction by meticulously analyzing macro charts, cycle length, Feds policies, borrowing rates, and on-chain data. His professional approach and astute calculations lend credibility to his forecast.
Feras utilized the weekly chart to suggest that a bullish trend for Bitcoin could be on the horizon, contingent upon the cryptocurrency reclaiming the $29,300 level. If this does not occur, Feras has established a target to recommence purchasing the flagship crypto at $25,500 and below.
Bitcoin has experienced a fruitful year, boasting a 70% increase in its current value. Nevertheless, recent market trends indicate that the trailblazing cryptocurrency is poised for a retracement. As anticipated, a decline in Bitcoin’s price could trigger a domino effect, causing the entire cryptocurrency market to enter a new bearish phase.
According to on-chain data, Bitcoin’s daily candlestick has closed below the 50-moving average for the second time this year, specifically since January 1, 2023. A notable chart pattern, known as a ‘head and shoulders,’ is nearing completion within the same timeframe. This development suggests a higher likelihood of further downtrends in the upcoming weeks on the lower time frames. These observations are significant and should be considered by investors and traders alike.
According to recent reports, centralized exchanges such as Binance, Coinbase Pro, and Bitfinex have witnessed a surge in Bitcoin balances, with over 56,400 units added in the past 30 days. Based on past observations, this trend typically indicates an impending sell-off of the cryptocurrency.
Feras astutely recognized the potential for the current upward trend to persist, yet he shrewdly observed that the crypto market’s surge in 2023 has already captured the majority of anticipated profits. Consequently, he anticipates a period of correction or consolidation before the next noteworthy altcoin season, slated to commence between December 2023 and May 2024. This timeline considers the impact of the upcoming Bitcoin halving, projected to occur in April 2024. Feras’ expert analysis provides valuable insight for investors navigating the dynamic crypto landscape.
