The cryptocurrency market has attracted more and more “holders” over the past few months as heightened volatility has caused pain for leveraged traders. The recent crypto correction is expected to taper off in the fourth quarter of 2024, with altcoins expected to surge in the coming months.
Moreover, crypto bull runs tend to peak about 480 days after the Bitcoin (BTC) halving, while we have only seen 117 days. As Bitcoin’s dominance suggests a possible reversal in the short term, the weekly chart continues to form a rising wedge while the relative strength index (RSI) shows a bearish divergence.
According to Mikybull, a well-known cryptocurrency trader, the altcoin industry is about to usher in the next major bull run after the post-halving crypto capitulation wave ends. Moreover, most altcoins have already erased a large portion of the gains recorded this year.
