Altcoins Form Bullish Higher Low – 2024 Peak in Sight as Traders Anticipate Altseason Explosion

Altcoins are flashing their first real strength in months—forming a higher low while eyeing a run at 2024's peak. The market's whispering the magic word: altseason.

Bulls are loading up as technicals turn green. After months of playing second fiddle to Bitcoin, Ethereum, BNB, and smaller caps are showing independent momentum. The last time altcoins broke structure like this? A 300% quarterly pump.

Watch the 2024 high. A clean break could trigger algorithmic buying, liquidity rushes, and the kind of FOMO that makes hedge funds suddenly 'believe in blockchain' again.

Just remember: when your Uber driver starts shilling 'the next Solana,' it's probably time to take profits. The market's cyclical—but Wall Street's amnesia isn't.

Altcoins Prepare For A Breakout

Altcoins remain about 50% below their all-time highs, but bulls are setting the stage for what could be an expansive move in the coming weeks. After months of underperformance, the broader altcoin market is beginning to show early signs of structural recovery. ethereum — the market’s leader among altcoins — has been consolidating between $2,400 and $2,700 since early May, and many analysts believe that a breakout in ETH could serve as the catalyst for a broader altcoin rally.

Daan recently highlighted a key technical development: the Total 2 Altcoin Market Cap has made a higher low during the latest bounce, a structure that often precedes bullish continuation. This higher low suggests growing demand and reduced downside pressure, both of which are critical to establishing a sustainable uptrend.

The key area to watch is the 2024 high setback in May. If bulls can push Total 2 above that level, it WOULD confirm a higher high — the final piece needed to flip the high timeframe structure decisively back to bullish. That breakout would likely usher in renewed momentum across mid- and small-cap tokens, fueling what many hope will be the long-awaited altseason.

For now, the market remains in a holding pattern, but signs of accumulation are growing stronger. If Ethereum can break out of its multi-month range, the altcoin market could rapidly reprice, erasing months of losses and opening the door to a new wave of capital rotation out of Bitcoin dominance. As long as key levels hold and risk appetite improves, the foundation is in place for altcoins to make a significant move higher.

ETH/BTC Chart Signals Turning Point

The ETH/BTC chart reveals a critical moment for the altcoin market. After a prolonged downtrend that began in late 2022, Ethereum has stabilized NEAR the 0.023 BTC level, forming a potential bottom. While the pair remains well below the 50-week, 100-week, and 200-week moving averages—indicating continued bearish pressure—momentum appears to be shifting.

Since bottoming out in mid-June, ETH/BTC has held its ground and is attempting to build a base, with early signs of accumulation. However, without a clear breakout above resistance zones, particularly around the 0.025–0.027 BTC range, bulls will struggle to confirm a trend reversal. A decisive MOVE above these levels would be the first major confirmation of strength for Ethereum relative to Bitcoin.

This breakout is essential for altseason. Historically, altcoin rallies are triggered when ETH outperforms BTC, drawing capital into mid- and small-cap tokens. Without ETH leading, altcoins tend to lag as bitcoin dominance remains high.

Featured image from Dall-E, chart from TradingView