Analyst forecasts "Altseason" from Dec 2024–Mar 2025, with altcoin market cap poised for a breakout beyond $1T resistance.
Cup-and-handle pattern and ascending channel confirm bullish momentum; next targets are $1.4T and $2.2T market caps.
RSI shows room for growth, while DeFi and AI-driven projects emerge as catalysts for altcoin market expansion.
The altcoin market cap, excluding Bitcoin and Ethereum, has breached a key neckline, signaling a potential breakout. Analyst MikybullCrypto suggests this move marks the beginning of a significant upward surge, forecasting the full potential of "Altseason" to unfold from December 2024 to March 2025. Currently, the market cap hovers around 880.47 billion USD, up by 43.35%, and is testing a key resistance level.
Bullish Patterns Signal Growth Potential
Notably, the altcoin market cap follows an ascending channel pattern. This channel is defined by two parallel, upward-sloping trendlines, with the lower line acting as support and the upper line as resistance.
Source: MikybullCrypto
The market’s position near the resistance indicates a possible test of the 1 trillion USD mark. A double bottom pattern, evident from 2018 to 2020, confirms the market's reversal to an uptrend, as the neckline resistance was surpassed post-2020.
Furthermore, a developing cup-and-handle formation shows a bullish continuation trend. This pattern, associated with upward momentum, could lead to a breakout beyond the 1 trillion USD, a key milestone for altcoins.
Key Support and Resistance Levels
Current resistance is near the upper boundary of the ascending channel, just below the 1 trillion USD level. Breaching this level may unlock further potential, with resistance zones at 1.4 trillion USD and 2.2 trillion USD. Support levels are equally critical, with notable zones at 550 billion USD and 350 billion USD, serving as fallback areas if a retracement occurs.
Indicators Highlight Strong Momentum
The market’s moving averages, transitioning from bearish red phases to bullish green shading, suggest strong upward momentum. Additionally, the RSI remains below the overbought threshold of 70, indicating room for further growth without significant risk of immediate correction.
This trend aligns with the broader technical outlook, reinforcing the bullish sentiment within the altcoin market.Emerging trends like decentralized finance (DeFi) and AI-driven blockchain projects could accelerate the altcoin market's ascent, providing substantial growth opportunities.