Famous crypto analyst and trader Mikybull Crypto has stated that the long-awaited altcoin rally is beginning to take shape. According to his forecasts, the cryptocurrency market is presenting patterns similar to those seen in previous altseasons.
Mikybull Crypto's Forecast
In a recent tweet, Mikybull Crypto mentioned that in his opinion, the overall cryptocurrency market, excluding the top ten by dominance, has begun to create a pattern characteristic of previous altcoin rallies.
Crypto Market Correction
According to the monthly chart he provided, marked in pink, the cryptocurrency market is in a corrective phase after breaking out of a 'Falling Wedge' formation. This pattern, nearing completion, could lead to a significant rally in the coming months. Meanwhile, Bitcoin’s dominance stands at 55.7%, showing growth over the past year, raising some concerns among market participants.
Investor Positioning
Additionally, another trader, Yoddha, pointed to the potential breakout in the TOTAL3 metric, which tracks the capitalization of all cryptocurrencies excluding Bitcoin and Ethereum. Yoddha's analysis suggests that this breakout might signal the start of a new altcoin season. The transaction dynamics in the TRON DAO network and the volume of buy-limit orders validate the preparation of investors for the next altcoin rally.
Market participants' forecasts and the increase in buy-limit order volume indicate a possible imminent start of an altcoin rally. With the current trends, the market could experience a significant increase in altcoin activity and value.
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