“Grand Finale” Is Around The Corner
As the new year approaches, some analysts are predicting a “very bullish” year for altcoins in 2025. After retesting key support levels, the industry is expected to explode soon and kick off the long-awaited “copycat season.”
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Altcoins retest key support levels
In recent market performance, many altcoins have struggled to record significant gains. However, some market observers predict that altcoins will launch as early as January 2025.
Total cryptocurrency market capitalization (excluding Bitcoin Ethereum broke out of a three-year downtrend in mid-November to hit a yearly high of $788 billion. In a rebound this month, the industry surged to $1.1 trillion, its highest market capitalization since 2021.
Since then, altcoins have struggled over the past two weeks, with Bitcoin down nearly 26% as it fell below the $100,000 mark, but remains above key levels despite its recent outperformance.
Crypto Jelle points out that the industry has exploded and Retest Its “major trendline, simultaneously destroying all leverage in the process.” The analyst emphasized that funds have “completely reset,” sentiment is at its lowest levels, and the charts look promising, adding that he “is Very optimistic about 2025”.
He also noted that the altcoin’s price action is “very similar” to that of Bitcoin, the first major currency. pull back 2021. According to the chart, the flagship cryptocurrency experienced a “strong rally, pullback, lower highs, and a break below its first low” before breaking out to new highs.
Based on this performance, the altcoin pullback appears to be over and “if this continues, they should start to recover soon.” Likewise, Michael van de Pop point out”, “The correction is coming to an end and the time for altcoin and Bitcoin gains is coming. Expect a lot to come. “
Will Altseason follow the 2021 strategy?
crypto titan assertive Altcoins are about to explode, signaling that “the end is near.” According to analysts’ charts, the altcoin has been in a two-year cup-and-handle pattern, breaching the upper limit of the pattern during recent market highs.
According to the model, altcoin market capitalization excluding ETH could grow by 200% to $1.4 trillion, surpassing the 2021 high of $1.13 trillion. The analyst also noted that the industry has seen similar performance ahead of a rebound in 2021.
In 2020, altcoins broke out in November and fell sharply by 30% at the beginning of the year Decemberfollowed by four weeks of recovery. They then recorded a 143% surge in January 2021, which led to three other green candles before the first major pullback.
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Likewise, the 26% decline in December this year is now the third week of the expected four-week recovery period. For analysts, “early January could mark the start of ‘up-only’ season.”
Finally, the crypto titan additional Over the past two cycles, altcoins’ initial rallies lasted between 140 and 175 days, suggesting that this cycle’s rally could hit new highs around April or May. If past cycles are anything to go by, it could see its first rise around the second quarter of 2025 before peaking in the fourth quarter.
Featured image from Unsplash.com, chart from TradingView.com
