The next alt season will kick in between December 2023 and May 2024, says Crypto Feras, an acclaimed Bitcoin trader. Feras based his prediction on calculations from macro charts, cycle length, Feds policies, borrowing rates, and on-chain data.
Write this down✍️
Next #Altseason to kick-in anytime between
𝗗𝗲𝗰 2023~𝗠𝗮𝘆 2024
This is not bs, it’s well calculated based on macro charts/Cycles length/Fed policy/borrowing Rates/On-Chain data/…
Next Cycle: #ETH to 7600~11800$ pic.twitter.com/qB3wRLleNd
— Crypto Feras (@FeraSY1) May 1, 2023
Using the weekly chart, Feras implied that Bitcoin’s price would turn bullish if it reclaims the $29,300 level. Otherwise, he set his target to resume buying the flagship crypto at $25,500 and below.
Bitcoin has had a positive year, commanding a 70% gain at its current price. However, recent price action suggests that the pioneer cryptocurrency is about to embark on a retracement. Expectedly, a pullback in the price of Bitcoin could drag the rest of the cryptocurrency market along in what could suggest a new bear season.
On-chain data shows that the daily candlestick on the Bitcoin chart closed below the 50-moving average for the second time since January 1, 2023. A significant chart pattern, in the form of a ‘head and shoulders’, is also on the verge of completion in the same timeframe, increasing the tendency of more downtrends on the lower time frames in the coming weeks.
Reportedly, Bitcoin balances increased by more than 56,400 units in the last 30 days on centralized exchanges like Binance, Coinbase Pro, and Bitfinex. Based on historical patterns, an increase in Bitcoin balance on centralized exchanges suggests an imminent sell-off.
Feras acknowledged the possibility that the upward trend could continue. However, he noted that the crypto market’s rally in 2023 has already registered most of the expected gains. On this note, he predicted a correction, or consolidation period, before the next significant altcoin season that would begin between December 2023 and May 2024. By this timetable, the analyst has factored in the effect of the next Bitcoin halving, expected to happen in April 2024.