- The altcoin market recently experienced its first bullish cross since 2020, a historical indicator that a bull run may lie ahead.
- While the indicator suggests upward momentum, the expected significant gains have yet to materialize post-2024 cross, leaving uncertainty.
- Historical patterns in the altcoin market suggest potential for exponential growth following 2024’s bullish cross.
In a development within crypto, the altcoin market cap has witnessed its first bullish cross since 2020. This signals a potentially lucrative phase for investors. MikybullCrypto, a renowned analyst, recently highlighted this phenomenon drawing parallels with similar occurrences in 2016 and 2020. These years marked the onset of significant bull runs in the altcoin market.
MikybullCrypto’s latest analysis focusing on the “Crypto Total Market Cap Excluding BTC” showcases a weekly trend over several years. The chart reveals three pivotal moments labeled as “Bullish Cross” which occurred in 2016, 2020, and now in 2024. Such events are crucial as they often indicate a shift in market momentum, favoring upward trends.
Following the crosses in 2016 and 2020, the market experienced robust bull runs. These are depicted as green shaded areas on the chart, indicating value surges. The scale on the right vertical axis is stretching from 14 million to an astounding 24 trillion. This showcases the exponential growth potential of the altcoin market.
Moreover, the recent “2024 Bullish Cross” suggests another bull run might be on the horizon. However, the chart stops short of showing a significant value increase post-cross leaving room for speculation and anticipation among traders.
Additionally, the trend indicator plays a vital role. It turns green during bull markets, signaling growth periods. Currently, it has shifted to green again, hinting at the beginning of an upward trend in the altcoin market.
The analysis by MikybullCrypto offers a comprehensive view of the altcoin market’s potential. It draws on historical patterns to predict future market behavior. Investors and traders are keenly watching as they look to capitalize on this emerging bullish phase.
As history suggests, such crosses have preceded periods of significant market growth. Hence, the altcoin market in 2024 stands at a pivotal point as it could usher in another season of substantial gains for the astute investor.
