Is the Bull Run Finally Here? Will the Altcoin Reach $680+B?

Bits Logics Team . 02nd Oct 2023
news-box-alt
  • Crypto trader raised a question asking whether the Bull run is finally here. 
  • Altcoin market cap at the fourth stage of the Wyckoff accumulation pattern. 
  • $575B resistance level has more selling and buying.

Crypto Trader and Technical Analyst Mag rhetorically tweeted “Bull Run is finally here?”. His suspicion of the existence of a Bull run lies in Altcoin Market Cap. According to his tweet, the  Altcoin Market Cap has been trading inside a Massive Wyckoff Accumulation Pattern. 

In particular, this Wyckoff Accumulation Pattern consists of 5 phases. PHASE A marks the end of the downtrend as supply weakens after intense selling. PHASE B builds a base for a new uptrend, where big players accumulate at low prices. PHASE C is where a dump occurs, trapping late sellers before it goes higher. During PHASE D the price will move at least to the upper resistance lines as demand takes over while PHASE E will be when the price breaks out, demand is in full control.

Since the Altcoin Market Cap is at the beginning of PHASE D, there is a high possibility of a surge and the  Altcoin Market Cap could reach $638B to $686B. 

Altcoin Market Cap 1-Week Chart (Source: Tradingview)

When looking at the above chart, it could be noted that the market cap for altcoin has been forming a falling wedge pattern. Currently, the market is testing the upper trendline of the falling wedge. Hence, if the trendline is breached, then, the market cap could test the $575B resistance level where more buying and selling happens. After that, if the above-stated resistance is broken, then, the Altcoin market cap could head towards the 632B resistance level. However, there is one more possibility where the market cap hit the $680B level. 

As per the best trading practices, once crypto is inside a falling wedge, traders usually measure the height of the wedge at the initial stages of its formation and transposition it near the breakout point.  If this is a conventional breakout, then the altcoin cap could reach above the $680B resistance level. Hence, this affirms the reason for Mag’s suspicion. 

Disclaimer:The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.