February Market Watch: Altcoin Season Potential Heats Up as Bitcoin Eyes Breakout

Bitcoin is still looking strong, inching up week by week, but bulls are finding it tough to push prices higher. The current market has been choppy, and many calling it a “no trade zone” until a clear breakout happens.

According to an analyst, to trigger the next big move, bulls need to break out of the top of the current range, around $104K. If this plays out, it could fire up bullish momentum and start off a major price increase.

Resistance at $97-100K: Bears Could Take Over

However, Bitcoin has run into repeated rejections near the $97-100K range. A promising push was stopped cold when the unfortunate Bybit hack undercut any weekend price corrections.

But Bitcoin may get back on track with its upward trend and target the $102-103K range. If Bitcoin can’t break higher soon, the tables could turn in favor of bears, with the price potentially dipping to the $83K range.

Bitcoin Cycle: Still on Track Despite Volatility

Despite some deviations, the current Bitcoin cycle is still following a pattern similar to past bull runs, like those in 2017 and 2021.

While there might be some volatility, the general direction points to the cycle being far from over. If Bitcoin manages to hold onto important support levels, the trend will likely continue. For now, everything seems to be going as expected based on previous market cycles. Looking forward, Bitcoin could catch up, especially if gold starts to pull back.

Bitcoin dominance remains a key factor in how the market is shaping up, as its rise is weighing down altcoins. The broader trend points toward Bitcoin’s strength continuing, which could further hurt altcoin performance.

Altcoin Market Cap: Analyst Sees “Promising” Upside

On a brighter note, according to analyst Michael van de Poppe, the altcoin market capitalization looks promising for upward continuation. If it stays above $750 billion, the market could move toward the next big impulse.

Source: MichaelVanDePoppe

Right now, altcoins are in a “depression stage,” with the bull run yet to begin.

The market is on the verge of taking off, as factors like money supply, yields, and institutional inflows are moving in the right direction.

Source