For a prolonged period, Altcoins have remained in the shadow of Bitcoin, as the flagship asset dominated the crypto market with its powerful growth. However, all that could change soon. Many crypto analysts are currently pointing to a resurgence of the alt market, predicting an impending major uptrend.
A Parabolic Altcoin Rally Looming
Presently, a positive development appears to be unfolding in the altcoin market performance. Following a phase of relative dormancy and subdued price action, Captain Faibik, a technical expert and trader, has hinted at a possible incoming spike in the alt market once again.
In the 1-day time frame chart, the alt market is flashing a bullish signal as it draws closer to a key breakout from a broadening wedge pattern. A broadening wedge formation is a technical chart pattern that is displayed by an expanding channel of high and low levels of support and resistance.
Given that a breakout is in sight, the expert is confident that alts are about to go parabolic in the third quarter of this year. As numerous altcoins are building solid bases and gathering upward momentum, it looks like the stage is set for a potentially explosive run in the upcoming months.
According to Captain Faibik, the pain of the past six months may finally flip into significant gains, expressing his bullish sentiment towards several alts. While a rally brews, the analyst has urged investors not to panic sell or keep watching charts. Rather, they should extend their focus on accumulating and holding non-BTC assets in Spot.
Historical Trend Pointing At A Massive Altseason
BATMAN, another crypto analyst who has also examined the current price action of alt market, has predicted an impending explosive rally. On the weekly chart, the expert has identified the reoccurrence of past trends that preceded a major Altcoin Season.
Drawing attention to 2020, the chart shows that alts went wild during the cycle all the way to 2021. Within this period, alts market pumped hundreds of percent off the bottom, topped out, pulled back, pumped again, and then finally dumped hard the last time before the real altseason started.
Looking at the 1-week chart, this pattern seems to be resurfacing, forming a similar double top-like move that tricked many retail buyers into purchasing the second high. BATMAN claims that altcoins now feel as dead as they did in the past.
However, the charts are nearly identical when aligned, down to the -53% decline from the second peak to support. Even though history does not always repeat itself, it often rhymes, and the expert is confident that a similar result might occur in this cycle.
In his recent analysis of the altcoin market cap, Michael Van De Poppe, a crypto expert and founder of MN Consultancy, noted that the market is signaling a strong upward move, which would be occurring in the coming periods. Considering the bullish signal, the expert believes that “this current cycle is far from over.”
Featured image from Pixabay, chart from Tradingview.com
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