The growing altcoin market cap and a decline in Bitcoin dominance have sparked renewed hopes for an altseason. With the total market capitalization of altcoins is currently around $1.156 trillion, marking a 15% increase over the past two weeks. It is now approaching the resistance levels from mid-March when it peaked at $1.2 trillion.
Altcoin Market Poised For 3x
Renowned crypto trader Tardigrade has predicted a significant surge in the altcoin market. According to Tardigrade, the market could be 3x in value, if the $Total2 (Crypto Total Market Cap excluding Bitcoin) breaks out of its current inverse Head & Shoulders pattern.
Tardigrade’s prediction is based on the inverse Head & Shoulders pattern, a technical analysis indicator that often signals a potential rise in prices. This pattern is currently forming in the $Total2 chart and suggests that the altcoin market is nearing the end of the right shoulder, indicating a possible upward movement.
The trader expects this pattern to lead to a breakout within a few weeks. If this happens, the altcoin market could see a significant increase, potentially tripling in value.
Altcoin Expected to Break In a Week
Echoing a bullish stance, Rekt Capital’s analysis suggests that the Altcoin Market Cap is on track to reach levels not seen in several months.
The analyst pointed out that this achievement aligns perfectly with the Ultimate Altcoin Market Cap Game Plan, which was outlined earlier this year. The game plan has been a valuable guide for traders and investors aiming to capitalize on market movements.
Since early April 2024, the altcoin market has experienced ups and downs. However, the current trend indicates a recovery and potential new highs, offering a positive outlook for those waiting for a bullish market.
Rekt Capital’s analysis supports the idea that the altcoin market is set for significant growth, giving traders and investors reason for optimism.
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