KEY POINTS
- The altcoin market is on the verge of breaking out from its 18-month accumulation range
- The crypto market is currently in a bull cycle
- Positive news on spot Bitcoin ETF applications may keep the crypto market in an uptrend
With Bitcoin (BTC) courting the $38,00 price level and the spot BTC ETF hype at its peak, the broader cryptocurrency market is anticipating a possible bull run. Investors may consider accumulating altcoins as, according to a crypto analyst, it is poised to break out and might see a 50% rally.
A pending altcoin rally is on the horizon as notable trends show alternative coins are gaining strength, crypto analysts say.
One of these is the altcoin market capitalization, which has been intact in the accumulation range over the past 18 months, indicating that it could burst and break out, crypto analyst and MN Trading CEO and founder Michaël van de Poppe said over the weekend. He also expects a rally of 50%.
“The Altcoin market capitalization is finally going to break out of an accumulation range. This accumulation range has been intact for the past eighteen months. A breakout and I’m expecting a rally of 50%,” he tweeted.
The #Altcoin market capitalization is finally going to break out of an accumulation range.
This accumulation range has been intact for the past eighteen months.
A breakout and I’m expecting a rally of 50%. pic.twitter.com/XUAok1kHqR
— Michaël van de Poppe (@CryptoMichNL) November 25, 2023
The crypto analyst, who said last week that the cryptocurrency market was on a bull trend, also noted that the next altcoin run is gearing up. According to him, the latest news, particularly related to the increasing possibility of spot Bitcoin ETF approvals, will fan the flames for the market to continue on the uptrend.
“The next run on Altcoins is currently loading up. The significance of a spot Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so [the] coming weeks are most likely continuing the upward momentum. We’re in a bull cycle,” the crypto analyst said in another tweet.
The next run on #Altcoins is currently loading up.
The significance of a spot #Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so coming weeks are most likely continuing the upwards momentum.
We’re in a bull cycle.
— Michaël van de Poppe (@CryptoMichNL) November 23, 2023
Another crypto trader and analyst, who uses the X handle @thescalpingpro, also has a similar forecast.
The crypto trader pointed out that the recent breach of the 50-week simple moving average (SMA) barrier indicates stronger and positive investor sentiment, highlighting a pattern reminiscent of 2020.
“In 2023, we are seeing something similar, where ETH/BTC has just hit this multi-year trendline support, and Bitcoin halving is just five months away. Price is also consolidating inside a tight triangle. A bounce from here is super bullish for ETH and Altcoins,” they wrote on X last week.
Moreover, the crypto trader stressed the current prices are in the consolidation phase, forming a tight triangle formation, which historically was followed by a breakout.
The Real #Altcoin Rally has not even started 🚨
In 2020, ETH/BTC hit the multi-year trendline support 5 months before the Bitcoin halving, where ETH/BTC & Altcoins both bottomed out.
In 2023, we are seeing something similar, where ETH/BTC has just hit this multi-year trendline… pic.twitter.com/CXltyR4CuE
— Mags (@thescalpingpro) November 23, 2023
In his latest tweet, the crypto trader provided an update on the altcoin market, noting that it has broken out of a double-bottom pattern. It’s retesting the point of breakout while predicting an imminent uptrend.
“Altcoin Marketcap broke out of a double bottom pattern price is currently re-testing the point of breakout! Uptrend soon,” his tweet read.
