The altcoin market in 2024 has been characterized by significant volatility. Initially, it surged to a remarkable $1.27 trillion in March. However, recent months have seen a drastic decline, bringing it down to $889 billion. This pattern of descending highs and lows suggests a pronounced downward trend. Amidst these fluctuations, the pressing question remains: Is the bull run truly over for altcoins?
Altcoin Bull On The Horizon
Despite the current downturn, renowned analyst Ethernasyonal remains optimistic, suggesting that the fourth quarter of 2024 might herald the onset of a substantial bull run for altcoins. He posits that historical trends may closely align with the upcoming U.S. presidential elections, potentially reshaping the altcoin market landscape.
According to Ethernasyonal, there were precisely 701 days between the local bottom in December 2018 and the market peak in November 2020. Interestingly, a similar interval of 701 days is observed between the local bottom in November 2022 and the much-anticipated October 2024. This consistent timing could hint at an impending bullish phase.
Looking Back to Move Forward
Reflecting on past trends, the previous bull run commenced shortly after the U.S. presidential elections on November 3, 2020. Ethernasyonal speculates that a similar pattern might emerge post the November 5, 2024 elections. If historical patterns hold true, the crypto market could experience a resurgence akin to previous cycles.
Ethernasyonal’s predictions extend beyond timing alone. He foresees a significant surge in the total market capitalization for altcoins, potentially exceeding $7 trillion during this anticipated rally. Currently, the altcoin market rests at approximately $886.6 billion. Such a dramatic escalation would signify a transformative shift in the crypto landscape, particularly for altcoins.
Money Shifting: A Chance for Altcoin Season?
Echoing a bullish sentiment, crypto analyst Moustache observes that USDT’s dominance has formed an “ascending broadening wedge” pattern. Typically, this pattern suggests the potential for bearish trends.
When an asset exhibits this pattern, it often indicates a probable dip in value. Consequently, this shift might lead to capital flowing back into altcoins, potentially sparking an altcoin rally or what enthusiasts refer to as “altcoin season.”
