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Are you an Altcoin enthusiast? What we are going to share will leave you excited. The Altcoin market is about to experience a bullish season soon. Really? Yes! A popular crypto analyst, identified as Mikybull Crypto on X, has published a post supporting the popular assumption that a new Altseason is not too far. Curious to know more? Please dive in!
Why Is Altseason About to Begin?
The core of the post published by Mikybull is the prediction that the Altcoin market is about to witness a bullish season. What is the rationale behind this prediction? Mikybull’s prediction isn’t just some random claim without any supporting evidence. It does have a strong rationale: the altcoin market has broken through a key technical resistance.
Looking at the chart shared by Mikybull along with his X post, it is evident that the expert’s observation is not baseless. The chart shows that the Altcoin market has broken the downtrend trendline resistance. Generally, when a market breaks this trendline, it is regarded as a strong signal for upward momentum. Considering this fact, it makes sense to expect a new Altseason.
Also Read : Top Altcoins to Stack for Next Week ,
Altcoin Market Analysis
Analyzing the Crypto Total Market Cap Excluding Top 10 chart, the market cap stands at $213.535B. At the start of the month, it was around $190.399B. On September 6, it fell to a monthly low of $174.958B. Since September 7, the market has been steadily gaining strength. On September 13, it reached a peak of $200.471B. Later, it slightly slipped to a low of $189.607B. However, on September 17, the bullish momentum regained strength and started to push the market back upwards. The altcoin market right now looks bullish.
In conclusion, it is possible that the Altcoin market will embrace a strong bullish momentum in the near future, not only because experts like Mikybull have shared a bullish view, but also because this outlook has the backing of data.