Veteran trader Peter Brandt has declared the beginning of an Altcoin Season. In a post on X, he wrote, “It’s altcoin season,” alongside a chart suggesting a major rally. His chart shows a Cup and Handle pattern forming on the TOTAL2 chart, which tracks the market cap of all cryptocurrencies except Bitcoin.
The pattern is considered bullish and often signals a strong upward move. At the time of his post, the altcoin market cap excluding Bitcoin stood at $1.39 trillion. The pattern’s target could push it to around $2.78 trillion if the breakout holds.
Another analyst, Jelle, pointed to a similar pattern on TOTAL3, which excludes both Bitcoin and Ether. He said, “One last hurdle to overcome, but once this clears $1.1 trillion, everything goes nuts.”
In addition, crypto trader Stockmoney Lizards also observed a breakout on the TOTAL3/BTC chart. It shows altcoins performing better than Bitcoin for the first time since November 2024.
Moveover, Ether rose 21% in the past week, which some analysts say is a sign that money is rotating out of Bitcoin into other coins. Right now, it’s up 2.53% today and trades for $3,433.
But not everyone agrees. Early Bitcoin investor and YouTuber Jeremie Davinci said that “Altseason hasn’t started, but when it’s here, most will be too late.” He also warned his followers to stay cautious.
Some users on X supported Brandt’s take, while others called it “scam coin season.” Bitcoin dominance, which measures how much of the crypto market is made up of Bitcoin, dropped to 61.8% this week, according to CoinMarketCap.
Popular analyst Mikybull Crypto also commented in a tweet that “Bitcoin dominance is dumping” after it fell below key support levels at the 50-day and 100-day moving averages. He added, “Massive for altcoins.”
Blockchain Center’s Altcoin Season Index shows that only 39% of top altcoins have outperformed Bitcoin in the last three months, below the 75% needed for an official Altcoin Season. In short, the bullish chart patterns suggest altcoins are heating up. But the next few weeks will tell whether the rally will hold.
Also Read: XRP Price Rally Starts: Will It End At $4, $5 or Go On?
