Analysis: ETH/BTC is forming multiple bullish technical patterns, potentially triggering a new altcoin season
ETH/BTC is forming multiple bullish technical patterns, and analysts believe this could trigger a new "altcoin season" in 2025.
Technically, the ETH/BTC ratio is showing both a cup and handle pattern and a bull flag pattern. The cup and handle pattern indicates a potential breakout above the 0.02596 BTC neckline, with a technical target near 0.03814 BTC, suggesting a 55% increase by July. Meanwhile, the bull flag pattern suggests a possible breakout to 0.03235 BTC, about 30% higher than the current level. Analyst Trader Tardigrade states that a breakout in ETH/BTC could trigger an altcoin season in 2025.
Data presented by analyst Sensei shows that the altcoin market cap relative to Bitcoin is retesting a long-term ascending support trendline. Historically, each rebound from this level has signaled a massive altcoin rally, once leading to a 9,000% increase and another time triggering a 180,000% market cap explosion.
Analyst Moustache also points out that altcoins are breaking out of a seven-year descending wedge, a pattern that appeared before major rallies in 2017 and 2020, suggesting a new altcoin season may be on the horizon. (Cointelegraph)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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