Following a rigorous correction, the altcoin market is making a speedy comeback. With bitcoin on the rise towards its record-breaking peak, the altcoins are eagerly vying for a chance to break out and make their mark.
Altcoin Market Cap In Bull Flag
As the mighty bitcoin rises, reclaiming its spot at the peak of its bull flag, the altcoins are following suit, marching towards their own summit. The total market cap of all cryptocurrencies, excluding BTC, is on a relentless journey towards the top of its own bullish flag. Experts predict that this surge could catapult the altcoin market to a staggering $1.68 trillion, a significant leap from its current $1 trillion valuation.
Cup And Handle Pattern Even More Bullish
Zooming right out into the weekly time frame, things look even more bullish for the altcoins. A cup and handle pattern is forming, with the current correction phase helping to form the handle.
Should the altcoin market cap manage to break out of the bull flag, and continue to the resistance at $1.26 trillion – a confirmed break there could see the cup and handle pattern play out. A measured move would take the altcoins to a combined value of $2.1 trillion, which is around double what it is now.
Altcoin Market Cap Targets
As the market continues to boom, experts predict that the current $2.1 trillion market cap for altcoins is just the beginning. Using the fibonacci extensions as a guide, the next target at the 1.618 level could reach a whopping $2.5 trillion. And that’s not all – the 2.618 level could soar to $3.8 trillion, while the 3.618 level could hit an impressive $5 trillion.
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Like a rollercoaster, the market is full of ups and downs. We’re currently experiencing a 29% dip in altcoin prices, but this is just one of many bumps on the road to success. And let’s face it, predicting the peak is like trying to catch a shooting star – nearly impossible. So, if you’re brave enough to trade in these wild waters, be sure to buckle up and brace yourself for some serious volatility.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.