The cryptocurrency trader and analyst that goes by the name Mags revealed in an X post on Saturday that altcoins may soon see their prices rise to align perfectly with “Uptober”. According to the post, the altcoin market has been trading inside a Massive Wyckoff Accumulation Pattern, which comprises 5 phases.
#Altcoin Bull Run Is Finally Here ?? 🔥— Mags (@thescalpingpro) September 30, 2023
The Altcoin Market Cap has been trading inside a Massive Wyckoff Accumulation Pattern 📈
This Pattern consists of 5 Phases :
• PHASE A : This phase marks the end of the downtrend as supply weakens after intense selling.
• PHASE B :… pic.twitter.com/h9B9e0YfHh
The analyst believes that the altcoin market has just entered the fourth phase of this accumulation pattern. During this specific phase, prices tend to move to at least the upper resistance lines on their respective charts. This notable increase in prices is the result of increased demand, noted the analyst.
Mags concluded his X post by stating that if this pattern plays out, altcoin prices could begin to climb in the coming few weeks. Should this happen, it will align perfectly with the market’s past performances during the month of October, which has historically been a bullish month for the cryptocurrency space.
Prices seemed to have followed the movement forecasted by the accumulation pattern and the phase identified by the analyst. CoinMarketCap data indicated that the global cryptocurrency market capitalization rose 2.49% over the past 24 hours. Subsequently, the market’s combined valuation was estimated to be around $1.11 trillion at press time.
During the past day of trading, all of the top 10 cryptocurrencies were able to print gains. The two market leaders Bitcoin (BTC) and Ethereum (ETH) were able to achieve 24-hour gains of 3.49% and 2.62% respectively. As a result, BTC was trading hands at $28,077.38, while the price of the largest altcoin in terms of market cap, ETH, stood at $1,723.73.
Most notably, Solana (SOL) was the biggest gainer in the top 10 list. At press time, SOL was changing hands at $24.55. This was after the cryptocurrency recorded an impressive 14.63% uptick throughout the past 24-hour cycle.
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