After a red Monday, the crypto market seems to be moving towards the green end of the week, registering an increase of 18.54% from this week's lows. Altcoins have broken out of a supportive pattern, fueling investor optimism about the upcoming Altseason.
Related Reading
Altcoins Final Shakeout 'Completed'
On Friday, the crypto market recovered from its recent correction, with Bitcoin (BTC) getting back the $100,000 mark after days of dipping below this resistance level. Likewise,
The King of Altcoins, Ethereum (ETH), regained the $3,400 area after falling below an important support level earlier this week. Other major altcoins such as Solana and XRP have also experienced strong momentum, with the former regaining critical levels and the latter nearing all-time highs (ATH).
In particular, the total capitalization of the crypto market, excluding BTC and ETH, increased by 4% in the last 24 hours, hitting the highest point since back in December.
Altcoins began a three-year decline during the November-December rally, rising to $1.1 trillion, the highest market cap since 2021. However, the sector struggled to register significant gains after year-end corrections, falling around on 25%. from the highest levels after the election.
Despite their performance, several crypto monitors predict Alts could see a good start to the year. On Monday, Altcoins fell to its lowest price range in weeks, going down to a market cap of $ 900 billion, but it is now retesting the high levels of last month.
Among the current achievement, Titan of Crypto recommending that the “last shake is ready.” The analyst previously said that the “grand finale” was around the corner, indicating that alts were about to explode.
Alts after Q1 2024 performance?
Recently, the analyst indicated that a golden cross is “coming” in the chart of Altcoins. According to the post, “It's only a matter of time before FOMO sets in,” because the 2021 golden cross, which happened at the beginning of that year, started a big campaign. Alt-season.
Titan of Crypto said that early 2025 could “echo the explosive rally of Altcoins in early 2021,” noting that the performance of the crypto market seemed to be similar to its performance four years ago year.
Meanwhile, crypto investor Miky Bull was noted that Altcoins seem to be repeating their Q1 2024 playbook, which could lead to “rally déjà vu.”
According to the chart, the sector broke out of a multi-month trend line at the end of 2023 before a short correction period and a retest of the new levels. Then, Altcoins exploded at the beginning of Q1 2024, rallying to March, which “the has a strong reason to be this Altseason it will probably run until March.”
Related Reading
The investor confirmed that the market cap of Altcoins “just completed its retest expansion phase in full force loading,” as the crypto market capitalization, excluding the top ten indicators, had broken out of a 42 rally period -day, which meant “alts rally will continue. “
Similarly, analyst Jelle pointed out that Alts created bullish pennant “just below the all-time high resistance,” which could lead to a large rally once it is broken. After the recent surge, Altcoins have broken out of the bullish pattern, leaving “price discovery just inches away.”
Featured image from Unsplash.com, Chart from TradingView.com
