29 April 2024
Expectations for the crypto industry are still high, and altcoins, in particular, are expected to do well. One crypto analyst known as El Crypto Prof on X (formerly Twitter), shares this sentiment, expecting the altcoin market to go on a parabolic rally.
Altcoins Are Set To Explode
In a post on X (formerly Twitter), the crypto analyst highlighted why the altcoins market was said to explode. The chart attached to the post showed previous bull cycles for the crypto market and why the current muted performance from the market was normal.
For example, back in 2016, the crypto market went into accumulation mode after the Bitcoin halving, where altcoins stalled for a while before picking up. The same was the case in 2020 as well following the Bitcoin halving, with accumulation dominating the market for a few months before bouncing.
The same trend is repeating itself in 2024 after the Bitcoin halving was completed a week ago. Looking at the chart, the crypto analyst highlights this accumulation trend is happening once again. But this is not the only thing that is repeating itself.
Following each period of accumulation has been the backtest, and a successful confirmation above this point has always begun the altcoin rally. The analyst points out that this backtest is already happening, and from here, altcoins could see a significant explosion.
Anyone who is bearish here obviously hasn’t done their homework.
Altcoins about to enter the parabolic curve, if we repeat 2016 and 2020.
History doesn’t repeat itself, but It often rhymes.
-Accumulation1⃣
-Backtest2⃣
-Send it3⃣
Months of glory ahead imo. pic.twitter.com/uUrKj8qau1
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 (@el_crypto_prof) April 28, 2024
They further explain that if the trend continues like it did in 2016 and 2020, then the altcoins market could see “months of glory ahead.” This could easily see the total altcoin market cap double like it did in 2016 and 2020, and given the current market cap of around $1 trillion, the market cap is expected to cross $2 trillion. “Anyone who is bearish here obviously hasn’t done their homework,” the analyst warned.
Crypto Market Still Bullish
Despite the price declines that have rocked Bitcoin and altcoins over the month of April, the market remains bullish. One indicator of this is that the Crypto Fear & Greed Index continues to trend in the greed territory, meaning investors are still willing to put money in the market.
Rekt Capital, another crypto analyst, also backs up Crypto Prof’s analysis. The analyst also took to X (formerly Twitter) to reveal that the Bitcoin price is also in an accumulation phase, which he refers to as the “Re-Accumulation period.” However, the analyst believes that many will miss the subsequent breakout, saying, “Months from now, nobody will remember this Re-Accumulation period. But everybody will remember the Parabolic Phase that comes afterwards.”
We are here (green circle)
Months from now, nobody will remember this Re-Accumulation period
But everybody will remember the Parabolic Phase that comes afterwards
And they will remember and talk about it for years to come$BTC #Crypto #Bitcoin pic.twitter.com/gO52E7ZnKX
— Rekt Capital (@rektcapital) April 28, 2024