A cryptocurrency analyst has identified a bullish golden cross pattern on the chart of the total market capitalization of altcoins (cryptocurrencies excluding Bitcoin), suggesting a potential upcoming bull run.
Altcoins are on the verge of a golden cross.🔥
It happened so far in 2016 and 2020, followed by a bull run.
2024 again?👀
Every 4 years… it would make sense, wouldn't it?
No matter how you look at it, there are bullish signals everywhere. pic.twitter.com/S9STdEZuLm
— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@el_crypto_prof) January 29, 2024
The analyst, known as Moustache, shared this observation on X (formerly Twitter), noting that similar patterns occurred in 2016 and 2020, which were followed by bull markets.
The golden cross pattern is considered a bullish breakout pattern, indicating a possible long-term bull market. However, it’s important to remember that relying solely on technical indicators carries risks in the volatile and relatively new crypto market.
Supporting the possibility of an altcoin season, large cryptocurrency investors, or whales, have been accumulating stablecoins, controlling more than half of the total supply. Additionally, data indicates that USDT holders are sending their assets to exchanges, suggesting they may be preparing to enter the market and potentially drive prices higher.
Source: CRYPTOGLOBE
