8/16/2023 0 Comments Alt coin market cap![]() Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Featured image from Deposit Photos, Charts from ![]() The move would also be more reminiscent of the “ alt season” that analysts are salivating over.Īt the end of it, going by a measured move of the height of the rounded pattern, a $6 trillion market cap is possible for all altcoins within the next year or two. The entire rounding bottom and saucer-like pattern would create a perfect half-circle, but only if the correction completes and support lower is retested.Īnalysts who expected altcoins to perform exactly like the last time around, forget that the same, ultra-strong, bearish resistance wasn’t above most of these assets at the time, and thus entered price discovery mode a lot sooner.Ĭurrently, most altcoins are still well below 50% or more from their previous all-time highs, and according to the bearish wedge, they are likely to drop another 50% from here.Īltcoins could be ending the third wave and beginning the fourth, corrective subwave | Source: CRYPTOCAP-TOTAL2 on īut in the final chart as part of this longer-term alt season analysis, Elliott Wave Theory in combination with a comparison of the last market cycle could indicate that the current rally ending would conclude wave three, and the correction would complete wave four, causing the altcoin market to enter the final fifth wave – the largest and longest bullish impulse towards a new all-time high. Markets often reverse symmetrically, as the massive rounded bottom in Bitcoin circa 2013 through 2015 has shown. The right shoulder would also resemble the handle portion of a giant cup and handle continuation pattern.Ĭould the next alt season take the sub-category to a $6 trillion cap? | Source: CRYPTOCAP-TOTAL2 on All of the recent price action is sandwiched between three tiers of major support and resistance levels, in which the wedge breaking down could cause a retest of the median for the last time before the next level higher is taken.Īlso in the zoomed out version, there is an Adam and Eve double bottom (red-dotted trendlines), and a potential inverse head and shoulders that would form the right shoulder. Larger, high timeframe bullish patterns dominate the short-term bearish signal | Source: CRYPTOCAP-TOTAL2 on The Next Altcoin Season Could Lead To A $6 Trillion Market CapĪlthough the specific pattern is bearish, it is only one pattern in a slew of high timeframe price action with several bullish patterns. Rejection from resistance stemming back to when the altcoin bear market started, could send the alt market stumbling back down to retest resistance flipped support. ![]()
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