- The altcoin market cap may be bottoming out.
- One trader suggests that the altcoin market cap is mirroring bitcoin’s 2011-12 cycle.
- If the analyst is correct, there’s a chance we will see gains similar to the profits made in the 2017 bull market.
Many people got rich during the 2017 crypto bull market. I’m not just talking about those who timed bitcoin before it exploded to $20,000. There were speculators who traded altcoins and waited for them to skyrocket in value against bitcoin. Then, these traders took profits just before the crypto bear market hit.
Imagine multiplying your initial investment between 10x and 100x in a matter of weeks. For instance, Ripple pulled off an astronomical surge of 1,148,300% against BTC between December 2017 and January 2018. Speculators have been chasing similar types of gains since but to no avail.
After a multi-year bear market, one trader thinks altcoins are ready to reward HODLers with life-changing gains.
Altcoin Crypto Market Cap May Be Carving a Bear Market Bottom
After a two-year bear winter, it appears that the altcoin market cap is showing signs of bottoming out. Trader Crypto Rampage took to Twitter to share his bullish view on alts.
According to the trader, the entire altcoin market is transitioning from depression to a disbelief rally based on the market cycle psychology chart. The altcoin market cap is also printing a large double bottom pattern. This is one of the most reliable patterns in technical analysis indicating that a trend reversal is on the horizon.
Lastly, the altcoin market cap just printed the largest volume since 2017 on the weekly chart. This signals that the smart money investors are already scaling in.
If you’re a position trader, these are very encouraging signals.
Altcoin Market Cap Following Bitcoin’s 2011-12 Market Cycle
Crypto Rampage isn’t the only analyst bullish on the altcoin market cap. A pseudonymous account…