Crypto analyst predicts massive altcoin breakout in “simple pattern.”
Mags thinks the altcoin market valuation will reach $4 trillion by mid-2025.
BTC heading for new ATH in a few months, analyst says.
Crypto analyst Mags forecasts a significant breakout in the altcoin market potentially triggering a “strong altcoin bull market.”
Mags based the prediction on an altcoin market chart structure, which he divided into four sections: accumulation, first leg up, consolidation, and bull market.
#Altcoins following a simple pattern– Accumulation– First leg up– Consolidation– Bull MarketPrices have been in a consolidation phase for the past few months. Once this consolidation ends, we are likely to see a massive breakout, leading to a strong altcoin bull market. pic.twitter.com/Il5WLQSu3Q
— Mags (@thescalpingpro) June 16, 2024
Mags shared a screenshot illustrating how the altcoin market cap has developed over the past two years, showing how it has followed a simple pattern according to the identified sections. The analyst showed that altcoins spent over one year in the accumulation stage between Q3 2022 and Q3 2023.
Furthermore, Mags showed the altcoin market began the first leg up around October 2023, rallying into Q1 2024 before entering the consolidation phase. He described the altcoin market structure as a “simple pattern,” adding that altcoin prices have been consolidating for the past few months.
Using a pictorial representation, Mags predicted an upcoming bull market that would significantly increase the altcoin market cap. He forecasted the altcoin market to rally from the current $1.055 trillion valuation to around $4 trillion by the middle of 2025.
In the meantime, Mags noted Bitcoin is holding the mid-range “nicely.” He used a BTC chart representation to show various Bitcoin regions, including the range-high, range-low, mid-range, fake-out, reclaim, and retest.
#Bitcoin still holding the mid-range nicely 👀 pic.twitter.com/57FLUMgnsK
— Mags (@thescalpingpro) June 16, 2024
From Mags’ analysis, Bitcoin is currently retesting the mid-range region. He showed how holding this level could propel the flagship crypto to rebound significantly.
According to the analyst’s projection, a successful rebound would see BTC surge significantly, climbing above the current All-Time High (ATH). He also revealed that the projected rally could happen in a few months, unlike the altcoins target he set as a year since the time of analysis.
The post Bitcoin Price Surge Expected as Altcoins Prepare for Bull Run appeared first on Coin Edition.
