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Popular crypto analyst @Mags shared with his subscribers his views on the current state of the altcoin market and its prospects.
The expert put forward a bold forecast for the capitalization of the altcoin market and expects that in the coming months, the value of most cryptocurrencies will move along a parabolic trajectory.
#Bitcoin is following Wyckoff's Price Cycle ✍️
— Mags (@thescalpingpro) November 18, 2022
The Cycle consist's of several Distribution phase followed by Mark down & ends with an accumulation phase.
Looks like $BTC is currently in an accumulation phase with a Bear Trap 👀
RT APPRECIATED 🤝#Crypto #BTC pic.twitter.com/PiXnGrUjsM
The crypto analyst’s argument favoring the bullish scenario is based on the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe.
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@Mags noted that a similar situation occurred in 2020. Then, the market capitalization of altcoins soared by more than 2000%, from $85b to $1.73 trillion. If the MACD cross forms again, the expert expects a similar movement.
As a more realistic scenario, the cryptanalyst suggested that in 2025, the altcoin market will reach $7 trillion. This represents an increase of approximately 1,000% from the current figure of $637b.
Over the past month, Bitcoin (BTC) has risen 27% to $37,200 at the time of writing. The altcoin market followed the same trend. The top 10 cryptocurrencies by market capitalization also found themselves in the green zone over the past month.
The excitement around the cryptocurrency market does not subside as the BTC halving approaches, as well as the anticipation of a decision on applications for spot Bitcoin ETFs in the United States.
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