Bull Market

A renowned crypto analyst on X has recently sparked discussions within the altcoin community by <a href="https://twitter.com/thescalpingpro/status/1757102268766126094?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">predicting</a> an imminent “altcoins bull market.” This anticipation is rooted in observing a notable pattern in the altcoin market cap chart. 
<h2 id="accumulation-pattern-suggests-bull-market-incoming">Accumulation Pattern Suggests Bull Market Incoming</h2> 
According to the crypto analyst Mags on X, the market <a href="https://www.newsbtc.com/altcoin/these-altcoins-are-showing-high-social-dominance-after-recent-price-swings/" target="_blank" rel="noopener ">capitalization of cryptocurrencies</a>, excluding Bitcoin, has reached a crucial stage in the Wyckoff Accumulation Pattern, hinting at potential upward momentum shortly. 
For context, the Wyckoff Accumulation Pattern, named after Richard D. Wyckoff, a pioneering early 20th-century trader, is used to identify the stages of a market bottom when institutional investors accumulate an asset before the start of a new uptrend. 
The Wyckoff Accumulation pattern typically unfolds in five phases (A), designed to highlight how large professional interests prepare an asset to be moved into a substantial markup phase. 
Phase A signals the halt of the previous downtrend, marked by initial demand indicating that the market is ceasing to make lower lows. Phase B is characterized by testing, as institutions absorb supply amid volatile price action, including potential false breakouts. 
Phase C features a key test of the lows through a “Spring” or “Shakeout,” allowing smart money to acquire an asset from retail holders at lower prices. This phase confirms the market’s readiness to advance. Phase D sees the start of the uptrend as <a href="https://www.newsbtc.com/sponsored/as-major-altcoins-stabilize-rebel-satoshi-emerges-as-a-new-favorite-among-crypto-traders/" target="_blank" rel="noopener ">demand takes control</a>, evidenced by a pattern of higher highs and higher lows. 
Finally, Phase E is the breakout phase, where the market embarks on a new uptrend, rewarding the accumulation efforts of large interests as the price significantly appreciates. 
According to the Mags, the altcoin market cap has entered Phase ‘E’ of this pattern, characterized by a transition from accumulation to a potential price surge. 
<blockquote class="twitter-tweet"> 
 The <a href="https://twitter.com/hashtag/Altcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#Altcoin</a> Market Cap has broken out of a massive Wyckoff Accumulation Pattern. 
 Price is about to enter Phase “E’ which is where Alts will go vertical. 
 Altcoin Bull Market Incoming <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f525.png" alt="🔥" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/m2XeSoqGIm" target="_blank" rel="noopener nofollow">pic.twitter.com/m2XeSoqGIm</a> 
 — Mags (@thescalpingpro) <a href="https://twitter.com/thescalpingpro/status/1757102268766126094?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">February 12, 2024</a>
</blockquote> 
<h2 id="bitcoin-vs-altcoins-market-dominance">Bitcoin vs. Altcoins Market Dominance</h2> 
Furthermore, the Altcoins Season Index, a <a href="https://www.blockchaincenter.net/en/altcoin-season-index/" target="_blank" rel="noopener nofollow">metric</a> provided by Blockchain Center, currently stands at 49, implying a slight preference for Bitcoin in the market. However, the stage is set for altcoins to outshine Bitcoin in the coming months. 
<img loading="lazy" decoding="async" class="wp-image-574909 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=860&amp;resize=860%2C418" alt="Altcoins season index" width="860" height="418" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=2482 2482w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=860&amp;resize=860%2C418 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Screenshot-2024-02-13-at-17.10.07.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Notably, the Blockchain Center posits that an altcoin season is confirmed if 75% of the top 50 altcoins perform better than Bitcoin over 90 days. 
Despite Bitcoin’s recent <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-price-hits-50000-the-big-question-how-much-higher-can-btc-go/" target="_blank" rel="noopener ">approach to the $50,000 mark</a>, it has not sustained a close above this level, signaling an opportunity for altcoins to capture market interest. Though trailing slightly behind Bitcoin, the total market cap for altcoins hints at a burgeoning competition that could reshape the market landscape. 
However, recent market trends have showcased Bitcoin’s notable performance compared to altcoins, with a more than 15% surge in the past week, leading its price to exceed $50,000 yesterday. Meanwhile, <a href="https://www.newsbtc.com/news/ethereum/ethereum-etf-franklin-templeton-enters-the-fray-as-price-rallies/" target="_blank" rel="noopener ">Ethereum</a> has seen a 13% increase over the past week, yet it still trades below the $2,700 mark. 
BNB and XRP recorded gains of 6.4% and 4.1%, respectively, during the same timeframe. However, <a href="https://www.newsbtc.com/analysis/sol-price-surges-to-115/" target="_blank" rel="noopener ">Solana</a> and Cardano have outperformed these figures, boasting gains exceeding 10%, trailing Bitcoin’s recent surge. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/tCUXG5Kr/" alt="Altcoins market cap chart on Tradingview.com" width="2770" height="1556"> 
Yet, the aggregate market cap of altcoins, positioned just below $900 billion, against Bitcoin’s slightly higher valuation of above $950 billion, underscores a brewing contest for market dominance. 
Featured image from Unsplash, Chart from TradingView

The Tipping Point: Altcoins Bull Market Incoming, Predicts Analyst – Here’s Why

Obsah

NewsBTC

Ďalšie články zverejnené 14. 2. 2024

Print Protocol: A Solution to Everything Solana‼️

Top Trader Abruptly Accumulates Seven Crypto Assets, Says ‘Craziness Period’ Similar to 2020 Bull...

IDnow's crypto consortium proposes ID tokenization for Transfer of Funds Regulation (TFR)

Litecoin (LTC) Eyes February Revival Following Slow Start to the Year

Bitcoin Surges Past $50,000 as Top Cryptocurrencies See Red

BlackRock Now Has Over 100,000 Bitcoin Under Management

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!