Amidst the panic and market volatility lately, top crypto analysts are offering a glimmer of hope for altcoin investors. According to @el_crypto_prof and @rektcapital, altcoins may be poised for a significant resurgence, with patterns reminiscent of the 2016/2017 bull run emerging.
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Falling Wedge Pattern Suggests Accumulation Phase
In a tweet, @el_crypto_prof highlighted a falling wedge pattern that has been in place for three years. Significantly, this pattern bears striking similarities to the one observed before the monumental bull run of 2016/2017.
The analyst suggests that the selloff lately has forced “weak hands” out of the market, a necessary step before the commencement of a new bull cycle. Consequently, this could indicate that altcoins are currently in an accumulation phase, where seasoned investors are gradually accumulating positions.
Altcoin Bottom and Potential Summer Rally
Echoing a similar sentiment, @rektcapital affirmed that altcoins are “following the plan.” According to the analyst, altcoins bottomed in early February, followed by a selloff around the time of the Bitcoin halving event.
Moreover, @rektcapital predicts that altcoins could bottom out again in early summer, setting the stage for a potential rally. This projection aligns with the cyclical nature of cryptocurrency markets, where periods of consolidation are often followed by explosive upward movements.
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Show more +Historical Patterns and Market Cycles
Both analysts draw parallels between the current market conditions and the patterns observed before the 2016/2017 bull run. This comparison suggests that the cryptocurrency market may be following a similar cyclical trajectory, with altcoins poised to regain their momentum after a prolonged period of consolidation.
Consequently, altcoin investors are advised to remain vigilant and potentially consider accumulating positions in anticipation of the projected resurgence. However, it is crucial to exercise caution and conduct thorough research before making investment decisions.
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