The altcoin market has experienced significant turmoil in 2024, soaring to over $1.27 trillion in March but recently plunging to $889 billion. This decline follows a pattern of lower highs and lower lows, showing a clear downward trend. With these changes, the big question remains: Is the bull run truly over for altcoins?
Altcoin Bull On The Horizon
Despite the recent downturn, the well-known analyst Ethernasyonal believes that the fourth quarter of 2024 may signal the start of a significant bull run for altcoins. He suggests that historical patterns could align closely with the upcoming U.S. presidential elections, which may reshape the altcoin market.
Ethernasyonal highlights an intriguing trend in the crypto market. He points out that there were 701 days between the local bottom in December 2018 and the peak in November 2020.
A similar gap of 701 days appears between the local bottom in November 2022 and what analysts expect to happen in October 2024. This consistent timing suggests that a bullish phase could be just around the corner.
Looking Back to Move Forward
Looking back, the last bull run began shortly after the U.S. presidential elections on November 3, 2020. Ethernasyonal believes we might see a repeat of this pattern after the elections on November 5, 2024. If history serves as a guide, the crypto market could experience a resurgence similar to what we saw in previous cycles.
Ethernasyonal’s predictions extend beyond just timing. He forecasts that the total market capitalization for altcoins could surge to over $7 trillion during this anticipated rally.
Currently, the altcoin market sits at about $886.6 billion. Such a dramatic increase would signify a major shift in the crypto landscape, especially for altcoins.
Money Shifting: A Chance for Altcoin Season?
Echoing a bullish stance crypto analyst Moustache has a bullish view, noting that USDT’s dominance is currently creating an “ascending broadening wedge” pattern. This pattern usually suggests bearish trends ahead.
When an asset shows this kind of pattern, it often points to a possible drop in value. This shift might lead to money moving back into altcoins, which could trigger an altcoin rally or what some refer to as “altcoin season.”
