As a seasoned researcher with over two decades of experience in financial markets, I’ve seen my fair share of market cycles and trends. The upcoming Q4, as suggested by many analysts, might just be the catalyst for the much-anticipated Altseason. However, it’s important to approach this prediction with a grain of salt, given that past performance is not always indicative of future results.
As the final quarter of the year approaches, both investors and market analysts are keeping a close eye on market trends. Many anticipate that the upcoming quarter could trigger the second phase of the rally, implying that numerous altcoins may see significant growth over the next few months.
As an analyst, I’m feeling quite optimistic about the approaching performances of various cryptocurrencies. It seems that the window for amassing these digital assets might be drawing to a close, with signs pointing towards the onset of an ‘alt season’.
Investors’ Last Call Before The Altseason
During the market downturns in Q3, both Bitcoin (BTC) and Ethereum (ETH) experienced significant declines. Specifically, since July 1st, Bitcoin’s price dropped by more than 10%, while Ethereum, often referred to as the “King of altcoins,” saw a plunge greater than 30%.
Nonetheless, several altcoins have led the market bounces amid the volatility, displaying a remarkable performance during the shakeouts. Many of the alts have outperformed their BTC pairs, as crypto analyst Michaël van de Poppe stated.
According to the article, numerous technical indicators indicate that the value of Bitcoin pairs for various altcoins has been gradually increasing. The analyst further believes that both Bitcoin and alternative cryptocurrencies have reached their lowest points and anticipates that the upcoming market movements will be positive and significant.
Furthermore, it appears that altcoins’ influence is set to become more prominent. As per the analysis of crypto expert Titan, Bitcoin’s dominance might soon record a new higher low. According to this analyst, such an occurrence could initiate what’s known as Altseason, which may stretch from Q4 2024 to Q1 2025 and continue until mid-2025.
According to crypto expert Alex Clay, it may soon be difficult for investors to gather alternative cryptocurrencies because “Uptober” is coming up. In his view, the second corrective phase of the Elliot Impulse Wave has ended. Therefore, most cryptocurrencies (except for Bitcoin and Ethereum) are poised to initiate the third bullish wave.
Clay emphasized that the second corrective wave exhibited a bullish “flag shape.” Moreover, he pointed out that the market cap of altcoins has found solid support at a crucial junction marked by the convergence of the Exponential Moving Average (EMA) 100, Moving Average (MA) 200, and a significant zone.
According to his predictions, the sector’s mid-term goal might reach a market capitalization of approximately $1.3 trillion by May 2025 before the fourth wave. Furthermore, Clay anticipates a more modest long-term target of around $1.65 trillion for the final strong wave in terms of market cap.
Will Altcoins Hit $2 Trillion?
Miky Bull emphasized that the market capitalization of Altcoins like Ethereum might soon surge beyond its bullish trend line. For traders, this could mean that the cryptocurrency market’s total capitalization is preparing to break free from a powerful upward pattern, possibly reaching a point surpassing $1.8 trillion.
Previously, Miky proposed that the pattern of the alts chart mirrors the layout of 2020. Yet, he believes that the duration of the accumulation phase in this cycle may extend longer and be more substantial compared to the previous one.
A different crypto expert, known as Moustache, pointed out that alternative cryptocurrencies (alts) have been following a two-year-long “cup and handle” chart formation. This particular pattern is often seen as very optimistic since it indicates a potential substantial rise in the market capitalization of altcoins from the low points of the ‘handle’.
For the trader, if the current situation unfolds, the total market value of alternative cryptocurrencies could reach approximately 2.14 trillion dollars by the year 2025. As it currently stands, the combined market capitalization of these digital currencies is around 558 billion dollars, representing a decline of about 10% since the third quarter commenced.
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2024-09-11 09:04