The crypto markets appear to have resumed with a strong bullish trend as the Bitcoin price regained its levels above $70,000. This has caused a significant price variation within the altcoins but the real play is yet to begin. The monthly super trend has turned green, with the BTC dominance facing resistance. Hence, this suggests significant money could flow into the small, mid, and large-cap altcoins, which may pave the way for the revival of AltSeason soon.
Recently, the altcoin market cap has triggered a breakout, which suggests the next 8 to 12 months could be explosive. The altcoin market cap has been consolidating within a narrow range of around $1.18T for a while, suggesting the bulls could be in an accumulation mode. Therefore, a breakout from here may initiate a fine upswing towards new highs.
A popular analyst, anonymously known as Mags, suggests the next course of action for the altcoins and predicts they may peak at $4 trillion in the coming days.
The analyst here refers to the previous altcoin cycles and depending on this, he believes that the altcoin market cap may trigger a 6x rally. Previously, the market cap underwent a 10x rally from its accumulation range and soared from $200 billion to as high as $1.4 trillion during the 2021 bull run. A similar accumulation is witnessed at present after recovering from the lows.
Also Read: Ripple Price Prediction: XRP Price Poised For 89% Spike
Hence, a bullish breakout may trigger a healthy upswing towards new highs of around $4 trillion before the end of the year.
“In the last cycle, Altcoins went up by 10x after they broke out of the accumulation phase & topped out at $1 trillion.
In the current cycle, even if we go up by only 6x from current level we can expect $4 trillion peak for Altcoin
We are soo early,”