Will the altcoins join the coming Bitcoin ($BTC) price surge?

The crypto market is bracing itself for what could be an explosive upward price surge from Bitcoin. When these events happen, it’s usually all about the king of the cryptocurrencies. Traders and investors jump aboard the mother ship, if they aren’t already onboard. However, once things have calmed down, the altcoins normally play catch-up. Will this still be the case this time?

Bitcoin price surge awaited

First off, it is to be assumed that Bitcoin ($BTC) will in fact do the expected, and finally break its all-time high, either by the end of this week, or at some point during the next. Trading wisdom says that once an asset has broken out of a bull flag, and has confirmed the breakout, it will normally then proceed higher. This is the case with Bitcoin as it stands.

So Bitcoin is shaping to break its all-time high, with a monthly candle close taking place at the end of Thursday. If the candle close is positive, it looks likely that some strong upside price action could occur.

The question is will altcoins also surge?

Bitcoin season for now

Perhaps with a small handful of notable exceptions, probably not for the time being. Looking at the Altcoin Season Index, the indicator is still very much in the ‘Bitcoin Season’ territory.

With what could be some explosive price action to come from Bitcoin, fuelled in some part by the extremely heavy buying from the U.S. Spot Bitcoin ETFs, it may take a while for the Bitcoin interest to subside enough to truly let the altcoins off the leash.

Total3 market cap could increase by 50%

Source: TradingView

The Total3 chart tracks the total combined market cap of all cryptocurrencies, with the exception of $BTC and $ETH. This gives a good picture of where the altcoins are right now, and that is up against resistance.

However, having broken out its own bull flag and confirmed the break, the combined market cap of altcoins does look as though it could be primed to surge higher. If the break does take place, the measured move for the bull flag could see the altcoin market cap increase by around 50%.