According to crypto analyst, Mags, the altcoin market is primed for a significant breakout, potentially leading to a strong bull market. Mags’ forecast is based on an altcoin market chart structure he segmented into four phases: accumulation, first leg up, consolidation, and bull market. Over the past few months, altcoin prices have been in the consolidation phase, and the end of this phase is expected to trigger a massive breakout, propelling the market into an altcoin bull run.
Read CRYPTONEWSLAND onMags’ analysis divides the altcoin market’s recent history into clear sections. From Q3 2022 to Q3 2023, altcoins experienced an accumulation stage, where prices remained relatively stable, indicating a period of accumulation by investors. Following this, the market saw its first leg up around October 2023, rallying until the first quarter of 2024. Since then, the market has entered a consolidation phase, marked by fluctuating prices within a tight range.
According to Mags, the ongoing consolidation phase is crucial. He suggests that once this phase concludes, it will set the stage for a significant bull market. Mags illustrated this prediction with a chart showing the altcoin market cap’s development over the past two years, emphasizing the market’s adherence to the identified pattern. He forecasts the altcoin market cap to surge from its current valuation of approximately $1.055 trillion to around $4 trillion by mid-2025.
Mags also highlighted Bitcoin’s current market behavior. He noted that Bitcoin is holding its mid-range level well. Using a detailed BTC chart, Mags identified key regions such as range-high, range-low, mid-range, fake-out, reclaim, and retest. He explained that Bitcoin is presently retesting the mid-range region, which, if maintained, could lead to a significant rebound.
Mags’ analysis indicates that Bitcoin could see a notable increase if it successfully rebounds from its current level, potentially surpassing its previous all-time high. This rebound is projected to occur within a few months, in contrast to the longer timeline projected for the altcoin market’s bull run, which he anticipates will unfold over the next year.
The altcoin market is poised for a substantial breakout following its current consolidation phase, potentially leading to a strong bull market. Mags’ detailed analysis and chart patterns provide a compelling case for this forecast, suggesting a significant increase in the altcoin market cap and a notable rebound for Bitcoin.
London, UK, 26th June 2024, Chainwire
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