Crypto analysts foresee a potential second impulse wave in the 2018-2024 altcoin cycle, following historical market patterns.
The 2014-2018 altcoin cycle saw two impulse waves, and the current cycle shows signs of following a similar upward trend.
After a mid-cycle correction, the altcoin market may experience continued growth, as seen in the 2014-2018 cycle's second impulse wave.
The crypto market has long been known for its cyclical nature, often following established patterns of growth and correction. According to crypto analyst el_crypto_prof on X, the current altcoin market, excluding Bitcoin, may be on the verge of repeating a pattern seen in the past.Â
His analysis points to a potential second impulse wave, similar to what occurred during the 2014-2018 cycle. Based on this chart analysis, the market may be entering a new bullish phase, which could lead to further gains in the altcoin sector.
https://twitter.com/el_crypto_prof/status/1827373337942597942 Historical Market Cycle: 2014-2018
The chart highlights the 2014-2018 altcoin market cycle, which begins with a double bottom formation, signaling the end of a bearish period. This pattern often indicates a reversal, leading to a new upward trend. Following the double bottom, the market experienced its first significant rise, known as Impulse Wave 1.Â
Source: el_crypto_prof on X
This wave marked the initial bullish momentum, which was followed by a mid-cycle correction. This correction allowed for consolidation in the market, preparing it for the next move upward. As the market resumed its bullish trend, Impulse Wave 2 occurred, pushing the altcoin market to new highs and completing the cycle.
Current Market Cycle: 2018-2024
The current altcoin market appears to be following a similar structure. As seen, the 2018-2024 cycle started with a double bottom formation, indicating the potential end of a downtrend. This has led to the first impulse wave, similar to what was observed in the previous cycle.Â
Following this upward movement, the market has undergone a mid-cycle correction, represented by a wedge or triangle pattern. This phase suggests a period of consolidation, which may lead to another upward push in the coming months.
Signs of Impulse Wave 2 in the Making
Notably, the chart shows the market entering a critical phase, resembling the start of the second impulse wave. The yellow-highlighted section on the chart indicates this phase, which could see the market continuing its upward momentum. Historical patterns from the 2014-2018 cycle suggest that after the mid-cycle correction, the altcoin market could follow the same bullish trajectory, potentially leading to further growth.Â
The post Analyst Sees Altcoins Following 2014-2018 Bullish Pattern After Mid-Cycle Correction appeared first on Crypto News Land.