Bitcoin price again slipped below $23,000 after marking the day’s highs at around $23,200. Therefore, the altcoins appear to follow the star crypto and plunge notably. But eventually, the altcoins appear to have to accumulate strength as the altcoin market cap is at the foothill of a massive explosion.
Currently, the market cap is sustaining above $600 billion which is expected to surge beyond $1.2 trillion very soon.
The altcoin market cap since the beginning is following a notable uptrend and despite a huge bearish pressure, the trend line was respected. Additionally, the market cap rebounded fairly from the lows which coincidently are the 2017 highs.
Therefore, experts believe a ‘V-shape’ recovery may soon kick off, uplifting the market cap beyond $1T very soon.
The market structure has become more fascinating as the altcoins appear to be at the beginning of the second impulse wave. However, the current accumulation points toward a violent breakout much similar to that of the breakout before the ignition of the Altseason 2021.
Therefore, as per a popular analyst, the second impulse wave is usually much stronger than the first one and hence a massive upswing may be incoming.
A similar pattern was witnessed in between March 2020 and May 2021 when the market cap underwent a spike, later a descending consolidation followed by another spike that hit the bottoms at the lower support. However, the bull rally began from these levels and the analyst believes the pattern to be repeating and the altcoins being at the foothill of a massive explosion.
If the previous pattern mirrors, then the altcoin market cap may surge by more than 100% to secure levels above $1.2 trillion very soon.
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Source: https://coinpedia.org/price-analysis/an-impulse-altcoin-action-may-be-fast-approaching/