The altcoin market is stirring, with analysts painting a picture reminiscent of the explosive 2020/2021 bull run. This newfound optimism stems from a confluence of factors, including technical indicators and expert opinions, suggesting a potential parabolic rise for alternative cryptocurrencies.
Crypto analyst Moustache has raised optimism by pointing out the remarkable resemblance between the current total market capitalization trends and the preceding cycle. The recent escape from a descending wedge pattern, along with a successful retest and consolidation phase, is unfolding just like the price movements observed at that time. Moreover, the bullish momentum is reinforced by significant indicators such as the RSI and MACD, suggesting that buy pressure is on the rise.
Adding weight to the optimism is Michaël van de Poppe, the Chief Investment Officer (CIO) and Founder of MN Trading Consultancy, who boldly declares the onset of the “altcoin season.” Van de Poppe foresees a bright future for alternative cryptocurrencies, anticipating favorable trajectories in the coming months.
Crypto analyst Yoddha’s projections contribute to the growing optimism, as he anticipates a significant surge in the altcoin market cap. Reflecting on the market’s recent history, Yoddha notes a decline in mid-2021, followed by the formation of a bearish head and shoulders pattern by early 2022. However, signs of recovery emerged by mid-2023, characterized by a reversal pattern indicating the end of the bearish phase and the initiation of an uptrend.
Currently, the altcoin market cap sits comfortably at around 671.8 billion USD. This upward trajectory signifies a definitive break from previous resistance levels, affirming the bullish trend. Yoddha’s analysis paints an optimistic picture, projecting an anticipated surge towards 2.5 to 3 trillion USD. He encourages traders to leverage these technical patterns to make informed investment decisions.
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