According to a cryptocurrency specialist the true altcoin surge hasn't yet begun

Contents

• Bullish Trend: Altcoins Gain Investor Favor
• Upcoming Upswing: Mags' Signals from 2020 Patterns
• Possible triangle rupture
• Altcoin Profit Potential: Mags' Diversification Advice

Investors may think about acquiring altcoins in anticipation of a prospective bull market, as the cryptocurrency market predicts one.

Bullish Trend: Altcoins Gain Investor Favor

The recent violation of the 50-week simple moving average (SMA) barrier by altcoins indicates a noteworthy trend wherein they are gaining substantial strength, indicating a more favorable feeling among investors.

According to technical analyst and cryptocurrency trader Mags, there seems to be a potential altcoin rally approaching, with signs suggesting a pattern similar to what happened in 2020.

Upcoming Upswing: Mags' Signals from 2020 Patterns

In a post on November 23, Mags hypothesized that the patterns seen in the market right now are reminiscent of those from 2020, which preceded a significant market rebound. For ETH/BTC as well as altcoins, this was a critical low, perhaps paving the way for a large upswing.

We are seeing something similar in 2023, since the Bitcoin halving is just five months away and ETH/BTC has recently reached this multi-year trendline support. Additionally, prices are gathering into a narrow triangle. This is a very positive point for ETH and other cryptocurrencies.

Possible triangle rupture

Mags notes that the present consolidation of prices is taking place within a tight triangle formation. Such consolidations have historically often signaled a positive trend, particularly when they are followed by a breakout.

It would be very positive for Ethereum and the larger altcoin market if this pattern were to rebound, especially at this point.

Altcoin Profit Potential: Mags' Diversification Advice

Although Mags believes that concentrating on Ethereum makes sense given its significant influence on the trend, spreading your bets across a variety of altcoins may also provide attractive chances for a profit.

At this point in the market cycle, investing will need thorough study and an acute comprehension of the underlying market dynamics. The next bull market will only be profitable for those who invest in the correct ventures.

Notice: Nothing on this website should be construed as financial advice. Investing is a risky endeavor. Investing involves a risk to your cash.