Altcoin season brews as bullish trading pattern forecasts explosive price move

Analysts cite a classic trading pattern and growth in the altcoin total market capitalization index as proof of an upcoming altcoin season.

Bitcoin price has struggled to hold on to crucial support at $64,800 a few days after completing its fourth halving on April 20.

Meanwhile, altcoins, led by memecoins and layer-1 cryptocurrencies, have outperformed Bitcoin (BTC) over the last week, leaving market participants wondering whether the altcoin season, or altseason, is here.

An altseason typically refers to a crypto market phase where altcoins surge in value to often outperform BTC.

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