Crypto Analyst Says Altcoins Are About To Enter A Parabolic Curve, Here’s Why
2024年4月30日 - 2:00AM
NEWSBTC
Expectations for the crypto industry are still high, and altcoins,
in particular, are expected to do well. One crypto analyst known as
El Crypto Prof on X (formerly Twitter), shares this sentiment,
expecting the altcoin market to go on a parabolic rally. Altcoins
Are Set To Explode In a post on X (formerly Twitter), the crypto
analyst highlighted why the altcoins market was said to explode.
The chart attached to the post showed previous bull cycles for the
crypto market and why the current muted performance from the market
was normal. Related Reading: Bitcoin Daily Transactions Just Hit A
New ATH – What’s Driving It? For example, back in 2016, the crypto
market went into accumulation mode after the Bitcoin halving, where
altcoins stalled for a while before picking up. The same was the
case in 2020 as well following the Bitcoin halving, with
accumulation dominating the market for a few months before
bouncing. The same trend is repeating itself in 2024 after the
Bitcoin halving was completed a week ago. Looking at the chart, the
crypto analyst highlights this accumulation trend is happening once
again. But this is not the only thing that is repeating itself.
Following each period of accumulation has been the backtest, and a
successful confirmation above this point has always begun the
altcoin rally. The analyst points out that this backtest is already
happening, and from here, altcoins could see a significant
explosion. #Altcoins Anyone who is bearish here obviously hasn’t
done their homework. Altcoins about to enter the parabolic curve,
if we repeat 2016 and 2020. History doesn’t repeat itself, but It
often rhymes. -Accumulation1⃣ -Backtest2⃣🎯 -Send it3⃣ Months of
glory ahead imo. pic.twitter.com/uUrKj8qau1 — 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲
(@el_crypto_prof) April 28, 2024 They further explain that if the
trend continues like it did in 2016 and 2020, then the altcoins
market could see “months of glory ahead.” This could easily see the
total altcoin market cap double like it did in 2016 and 2020, and
given the current market cap of around $1 trillion, the market cap
is expected to cross $2 trillion. “Anyone who is bearish here
obviously hasn’t done their homework,” the analyst warned. Crypto
Market Still Bullish Despite the price declines that have rocked
Bitcoin and altcoins over the month of April, the market remains
bullish. One indicator of this is that the Crypto Fear & Greed
Index continues to trend in the greed territory, meaning investors
are still willing to put money in the market. Related Reading:
Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000
Rekt Capital, another crypto analyst, also backs up Crypto Prof’s
analysis. The analyst also took to X (formerly Twitter) to reveal
that the Bitcoin price is also in an accumulation phase, which he
refers to as the “Re-Accumulation period.” However, the analyst
believes that many will miss the subsequent breakout, saying,
“Months from now, nobody will remember this Re-Accumulation period.
But everybody will remember the Parabolic Phase that comes
afterwards.” #BTC We are here (green circle) Months from now,
nobody will remember this Re-Accumulation period But everybody will
remember the Parabolic Phase that comes afterwards And they will
remember and talk about it for years to come$BTC #Crypto #Bitcoin
pic.twitter.com/gO52E7ZnKX — Rekt Capital (@rektcapital) April 28,
2024 Altcoins market cap at $1.016 trillion | Source: Crypto Total
Market Cap Excluding BTC on Tradingview.com Featured image
from Cointribune, chart from Tradingview.com
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