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Our analysis of the situation
As the final quarter of the year approaches, investors are eagerly eyeing the anticipated surge in altcoin performance. With Bitcoin and Ethereum facing some setbacks in Q3, the stage is set for the altcoins to shine. Analysts are buzzing with optimism, hinting that now might be the last call for investors to jump on board before the altseason takes off.
The recent market retraces have seen Bitcoin dipping by over 10% and Ethereum taking a hit of more than 30%. However, amidst this volatility, certain altcoins have demonstrated remarkable resilience, outperforming their BTC pairs. As indicated by crypto analyst Michaël van de Poppe, many technical indicators point to the upward movement of altcoins against Bitcoin.
The drumbeat of an impending altseason resonates louder, with indicators suggesting that altcoin dominance is poised to steal the spotlight from Bitcoin. The prospect of a new lower high in Bitcoin dominance, as noted by analyst and trader Titan of Crypto, could trigger the altseason, projected to kick off between Q4 2024 and Q1 2025 and potentially last until mid-2025.
As "Uptober" approaches, crypto analyst Alex Clay highlights the end of the second correction wave and foresees a bullish third wave for cryptocurrencies, excluding BTC and ETH. Clay’s technical analysis, supported by a bullish flag pattern and market capitalization confluence, projects a mid-term target of $1.3 trillion by May 2025 and a conservative long-term target of $1.65 trillion.
The speculations don't stop there, with market insights pointing towards a potential surge in altcoins' market cap. Trader Miky Bull predicts an upward swing above the $1.8 trillion level, envisioning a scenario akin to the expansion seen in 2020, but with the anticipation of a longer and more substantial re-accumulation phase.
Adding more fuel to the fire, another analyst, Moustache, delves into the bullish cup and handle pattern, suggesting a significant increase in the market cap of altcoins. If his forecast plays out, alts could potentially hit a market cap of $2.14 trillion by 2025, dwarfing the current $558 billion market cap they sit at as of now.
As the plots thicken and the stage is set, it seems there's an undeniable buzz building around the potential for altcoins to hit the $2 trillion mark. With various projections and technical indicators aligning, investors are bracing themselves for what could be an exhilarating ride into the altseason.
It's time to fasten your seatbelts - the altcoin rollercoaster is about to reach thrilling new heights!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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