- Altcoins break ATH levels, mirroring 2017’s rally, signaling a potential start of a major bullish cycle.
- Historical patterns show market corrections, retests of ATHs as support, and strong breakouts, indicating cyclical altcoin growth.
- Analysts predict a bullish continuation as consolidation ends, setting up 2024 for a robust altseason similar to 2017.
Analyst 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 on X says the market has pushed past important resistance levels, which may mean a new rise is starting. Looking at past trends, it seems the market often follows a cycle, with old record highs acting as strong support points. Notably, the 2023-2024 breakout suggests a strong upward trajectory, similar to 2017’s unprecedented gains.
Historical Trends Indicate a Bullish Phase
Since 2013, the altcoin market has followed a clear pattern. It first hit its highest point (ATH) in 2013, but then it dropped and went through a long correction. Over time, the market stabilized and tested that previous high point again, using it as a support level. This created the foundation for the huge price increase in 2017. In that year, the market broke past all previous records, leading to the biggest altcoin boom ever.
However, after this exponential rise, the market corrected sharply over the next few years. This period proved critical, as the 2017 ATH level was retested and confirmed as a key support zone. Analysts emphasize this phase as a structural pivot that reinforced the market’s long-term bullish outlook.
Source: 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖
Consolidation Leads to Breakout
From 2020 onward, altcoins experienced a massive surge, driving the market to new ATHs. This parabolic rise was followed by a rounded top formation, indicating a temporary consolidation. By 2023-2024, however, the market successfully broke out of this consolidation phase. Consequently, altcoin market capitalization soared past prior ATH levels, mirroring 2017’s momentum.
Moreover, the breakout highlights a recurring trend in altcoin behavior: sharp upward movements, corrections, and eventual bullish recoveries. Analysts point out that retesting previous ATHs as support plays a crucial role in sustaining long-term bullish cycles.
What’s Next for Altcoins?
As history often repeats itself, the current market structure suggests a bullish continuation. Analysts predict that this pre-altseason phase could develop into a full-fledged altcoin rally, similar to 2017. Besides, strong breakouts beyond ATH levels indicate growing investor confidence and market momentum.
Additionally, analysts encourage investors to watch for key market signals in the coming months. Rapid upward phases, such as those seen historically, could accelerate gains. Consequently, the next few quarters may define the scale of this altseason.
