Altcoin market could repeat 2016 and 2020 bull rallies
Altcoin market could repeat 2016 and 2020 bull rallies
A crypto analyst who goes by the nickname Moustache believes that altcoins are on the cusp of a significant bull rally.
On his X (Twitter) page, Moustache wrote that a golden cross pattern is forming on the monthly chart of altcoins, shaped by the intersection of the SMA-20 (simple moving average) with the MA10.
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"There was a similar event in 2016 and 2020 that marked the beginning of the altcoin bull market, making it particularly noteworthy for investors and market watchers," the crypto analyst said.
The golden cross pattern forms when altcoins move independently of Bitcoin's trajectory. However, unlike previous cycles when altcoins lagged, this early move indicates a clear shift in market dynamics.
In addition, the MACD (Moving Average Convergence Divergence) indicator for the altcoin market is preparing to cross the zero line, further indicating growing positive momentum.
It is worth noting that Bitcoin has lost 2% of its value in the last 2 hours and is trading below $42,700, confirming the leadership of altcoins in the current trend.
The upward trend in the altcoin market is accompanied by growing interest and optimism not only from investors but also from all market participants, Coin Edition reported.
"Altcoins are starting their bull cycle and could generate much higher returns than we are seeing now. This is just the beginning," said Michaël van de Poppe, CEO of MN Trading.
However, Blockchaincenter points out that not all of the criteria for the rally have been met, specifically that 75% of the top 50 altcoins need to outperform Bitcoin within three months, which has yet to happen.
Read also: Nearly 3 million MATIC tokens were sent to Coinbase.
