The analyst believes that the real altcoin rally has not yet begun

As the cryptocurrency market awaits a likely bull run, investors are thinking about accumulating altcoins. Thanks to Bitcoin, altcoins are gaining significant strength, as evidenced by their recent breaking of the 50-week barrier of the simple moving average (SMA), which signals a battle less positive investor sentiment towards this asset class. According to a crypto trader and technical analyst under the pseudonym Mags, the upcoming altcoin rally is just around the corner, and the current market picture is very similar to 2020. Mags suggested that current market trends mirror those observed in 2020, a period that preceded a significant market recovery.

"In 2023, we are seeing something similar: the ETH/BTC pair has just reached a multi-year support level, and the halving on the Bitcoin network will occur in just 5 months. The price is also con "is consolidating inside a narrow triangle. A rebound from here will be very optimistic for ETH and altcoins," he said Mags."

The expert notes that prices are currently consolidating in the shape of a narrow triangle. Historically, such consolidations, especially if they were followed by a breakout, often indicated a bullish trend.