The altcoin market has faced considerable upheaval in 2024. After rising to over $1.27 trillion in March, it has recently dropped to $889 billion. This decline follows a consistent pattern of lower highs and lower lows, indicating a clear downward trend.
With these fluctuations, one pressing question remains: Is the bull run for altcoins truly over?
Prepare for the Altcoin Bull Run!
Despite the recent downturn, well-known analyst Ethernasyonal believes that the fourth quarter of 2024 could signal the start of a significant bull run for altcoins. He suggests that historical trends may closely align with the upcoming U.S. presidential elections, which could reshape the altcoin market.
Ethernasyonal highlights an interesting trend in the cryptocurrency market. He points out that there were 701 days between the local bottom in December 2018 and the peak in November 2020.
A similar gap of 701 days also appears between the local bottom in November 2022 and the expected events in October 2024. This consistent timing suggests that a bullish phase might be just around the corner.
Learning from the Past
Looking back, the last bull run began shortly after the U.S. presidential elections on November 3, 2020. Ethernasyonal believes we might see a repeat of this pattern following the elections on November 5, 2024. If history is any guide, the crypto market could experience a resurgence similar to what we saw in previous cycles.
Bold Predictions!
Ethernasyonal’s predictions extend beyond just timing. He forecasts that the total market capitalization for altcoins could surge to over $7 trillion during this anticipated rally.
Currently, the altcoin market sits at about $886.6 billion. Such a dramatic increase would signify a major shift in the crypto landscape, especially for altcoins.
Technical Analysis: Should You Be Cautious?
Echoing a bullish stance crypto analyst Moustache has a bullish view, noting that USDT’s dominance is currently creating an “ascending broadening wedge” pattern. This pattern usually suggests bearish trends ahead.
When an asset shows this kind of pattern, it typically indicates a potential drop in value. This shift could lead to funds moving back into altcoins, possibly triggering an altcoin rally, often referred to as “altcoin season.”
Could the U.S. presidential elections truly shape the fate of altcoins? Join the discussion.
Source: https://coinpedia.org/news/is-the-altcoin-market-set-for-a-comeback-after-a-tough-2024-top-analyst-reveal-it/