A recent analysis by well-known trader Yoddha has sparked major discussion in the cryptocurrency industry regarding the impending arrival of Altseason.
Yoddha's Analysis
According to Yoddha, the total market cap of cryptocurrencies, excluding Bitcoin (TOTAL2), is on an upward trend after bouncing off the lower border of a Descending Channel pattern on the weekly charts. This development has led Yoddha to estimate that TOTAL2 will return to its all-time high (ATH) of around $1.707 trillion. Furthermore, he predicts that it may even set a new ATH of $2.903 trillion.
Strategic Market Exit Signals
According to Yoddha’s analysis, when TOTAL2 achieves this new all-time high, it may be advisable to begin selling your altcoin holdings. This measure may anticipate a potential market downturn that could occur following such a huge gain. TOTAL2 is currently valued at approximately $942.48 billion, indicating significant growth potential if Yoddha’s projections come true.
Support from Other Analysts
In addition to Yoddha’s findings, other market participants are predicting an impending altseason. Another popular analyst, Mikybull Crypto, has also identified a pattern in total market cap—excluding the top ten dominant cryptocurrencies—that signals a significant Altseason rally is on the way. This supports Yoddha’s views and reinforces the belief that the altcoin market is about to take off. Furthermore, insights from a prior CNF report have drawn attention to the opinions of Ki Young Ju, CEO of CryptoQuant, who indicated that whale investors are preparing for the next altcoin rise. According to Ki Young Ju, the number of limited buy orders for altcoins has increased, excluding Bitcoin and Ethereum, suggesting that a significant buy wall is being formed, implying that large-scale investors are bracing for a possible rally. Additionally, an analyst predicts that a significant altcoin rise will occur in August and September 2024.
Amid forecasts from leading analysts, the cryptocurrency market appears to be on the brink of a significant altcoin surge, which could greatly influence investor strategies in the coming months.
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