In a compelling analysis of the cryptocurrency market by the renowned X platform analyst El_crypto_prof, the Altcoin market is poised for a resurgence reminiscent of the historic 2017 bull run. Having diligently forewarned followers for over a year, El_crypto_prof emphasised the gravity of the impending wave, signaling a potential game-changer that could catapult cryptocurrencies into mainstream popularity.
Furthermore, he focused on the “Crypto Total Market Cap Excluding BTC,” revealing intriguing insights through technical analysis. His chart showcased three distinct impulse waves indicative of robust buying interest and bullish sentiment within the market. Each surge is followed by a corrective or consolidative phase, emphasizing the cyclical nature of crypto markets.
A noteworthy pattern identified by El_crypto_prof is the “Double Bottom” observed at the onset of Impulse Wave 1 and before Impulse Wave 2. This bullish reversal pattern suggests a formidable support zone, as the price tests a certain level twice without breaching it, hinting at a resilient market foundation.
Mid-cycle corrections, occurring after Impulse Wave 1 and following Impulse Wave 3, introduce a temporary pullback within the bullish trend. This pattern implies that periodic corrections are integral to sustaining the overall upward trajectory of the market.
The inclusion of trend lines further underscores the long-term bullish sentiment. The upward-sloping lines validate the prevailing uptrend by connecting the bottoms of price swings. Meanwhile, a downward-sloping line linking the tops of impulse waves forms a ‘flag’ pattern, a standard continuation signal in technical analysis.
El_crypto_prof’s analysis predicts a compelling trajectory, as indicated by a dotted arrow following the current Mid-Cycle Correction. This projection suggests anticipating another upward surge in the market, aligning with the historical cyclicality observed in cryptocurrency trends.
As Altcoins gear up for what El_crypto_prof deems a potentially brutal but transformative wave, market participants eagerly await the unfolding narrative that could reshape the crypto landscape.
