The year 2024 is largely believed to be bullish, as the markets have remained under bearish captivity for over a year. However, the prices of the majority of the cryptos displayed acute strength for a while, which was followed by a descending consolidation. Now that Bitcoin and altcoins are showing some strength, the crypto space is believed to revive a strong bullish trend soon.
As a result, small- and mid-cap tokens may gain the necessary attention, and the newly launched token may be significantly strengthened. Having said that, the market capitalization excluding the top two tokens is rapidly increasing, indicating a shift away from the top two tokens. Moreover, an indicator has just flashed a huge bullish signal, which points out that the markets are heading towards a potential bull run.
The Gaussian channel is a long-term momentum indicator that tries to predict the direction of the price trend. After being under bearish influence for over a year, the channel has just turned ‘green’ suggesting a change in the market dynamics. The last time it happened was in 2020, the halving year, which triggered the AltSeason later. Therefore, now that the Gaussian channel for the market cap, excluding BTC & ETH has turned bullish, a similar trend is expected to follow.
The volume is slowly regaining its levels as the market cap is holding within the range just below $500 billion. A slight rise in the levels beyond $550 billion may certify the beginning of the next bullish cycle, which may lift the levels beyond the previous highs at $1.25 trillion in the coming days.
Source: https://coinpedia.org/price-analysis/massive-bullish-signals-flash-ahead-of-bitcoin-halving-the-crypto-bull-run-may-be-on-the-horizon/