Patterns on the Bitcoin chart over the past few days indicate a possible reversal of the uptrend and a price correction, says technical analyst Ali Martinez.
#Bitcoin $BTC Could be forming a head-and-shoulders pattern, which could trigger a price correction to $90,000! pic.twitter.com/mWLDabsYRV
— Ali (@ali_charts) December 3, 2024
On December 3, the expert noted that a bearish head and shoulders pattern had been forming on the Bitcoin chart over the past seven days – one of the signs of a possible trend change. He believes that this will lead to a price correction to the level of $90,000.
A day earlier, Martinez noted a general decline in on-chain activity, including the number of addresses, transaction volume, and whale activity.
There will be no typical altseason
According to some experts, altcoin season is coming.
A Glassnode analyst under the pseudonym CryptoVizArt believes that this phase is already in full swing.
I believe altseason has already begun and probably lose to its peak! https://t.co/9TwNF9m4vJ
— CryptoVizArt.₿ | ZiCast 🎙 (@CryptoVizArt) November 27, 2024
He emphasized that the average number of active addresses in Solana reached 18.6 million – 40 times more than Ethereum’s figure of 0.47 million.
Founder and CEO of CryptoQuant Ki Yoon Joo said that the altseason will be atypical. The traditional signal of the beginning of such a period—the flow of capital from digital gold to other cryptocurrencies—has lost its relevance.
He explained that the current Bitcoin bullrun is the result of interest from institutions that will not exchange digital gold for other assets and do not use crypto exchanges.
According to the specialist, now the main indicator is the volume of transactions in pairs with fiat and stablecoins.
Ju does not deny that there will be an altseason, but believes that only selected projects will benefit from it:
As of December 3, the indicator Altcoin Season Index according to Blockchain Center it is at level 84. Values above 75 are considered a sign of altcoin season.
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Source: Cryptocurrency
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