The altcoin market is displaying signals that suggest a potential transition into a bull market. According to insights from top crypto analysts, the current market behavior resembles historical patterns, hinting at an upcoming rally.
TOTAL3 Chart Analysis
BATMAN (@CryptosBatman) highlights the TOTAL3 chart, which excludes Bitcoin (BTC) and Ethereum (ETH), focusing on the overall altcoin market cap. Presently, TOTAL3 is reflecting a familiar pattern observed during the 2022 bear market transition. This pattern, characterized by a few weeks of consolidation, is now leading towards a bullish trend.
The Stochastic indicator, which is currently flatlined, has historically preceded price increases. This flatlining has happened multiple times, each followed by key price surges. Additionally, the Relative Strength Index (RSI) is at its lowest since the bull market began, indicating a hidden divergence that often precedes upward momentum. The yellow box in the chart marks this mirroring of 2022 price action, suggesting a shift from a bear to a bull market.
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Show more +Show less – Market Sentiment and Predictions
Jelle (@CryptoJelleNL) supports this bullish outlook, noting that altcoins seem to be mimicking their 2020 behavior. He predicts a period of 1-2 months of market fluctuation before a sustained upward trend, anticipating a strong performance in Q3.
It looks like #altcoins are also taking a page from the 2020 playbook.1-2 months of chop, and then up only.Bring on Q3. pic.twitter.com/NS7NCgXMi8
— Jelle (@CryptoJelleNL) May 15, 2024
Conversely, Wist (@wist_defi) offers a cautious perspective. He points out the market’s current downturn, attributed to market makers attempting to instill fear among investors
Wist notes that their strategy is to shake investors off their token holdings before prices potentially rise. Consequently, many investors, gripped by fear and panic, end up selling their positions prematurely. Looking at the TOTAL3 chart, which represents the altcoin market cap, Wist anticipates a correction towards the 540 billion zone.
At these levels, altcoins could potentially drop another 15-20%. However, the analyst advises against panic selling, emphasizing that this should not prompt investors to sell their tokens if they genuinely believe in their potential. Moreover, Wist reminds investors that the crypto journey is still in its early stages, urging them not to give up now as “the finish line is just around the corner.”
The altcoin market is at a critical juncture. Historical patterns and current indicators suggest a bullish trend may be on the horizon. However, market volatility and external influences could still pose challenges. Therefore, the upcoming months promise to be pivotal for altcoin enthusiasts, with potential for key market movements.
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The post Crypto Analysts Reveal Altcoin Market Cap Patterns Pointing to Potential Explosive Rally, But There’s a Catch appeared first on CaptainAltcoin.
