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- Elja predicts a bullish Cup and Handle pattern, signaling a potential altcoin rally in Q4 this year.
- Whale accumulation and rising altcoin dominance suggest a strong upcoming altcoin market breakout.
In a tweet, popular crypto analyst Elja shared a chart of the total altcoin market cap, or TOTAL2. The chart shows TOTAL2 forming a famous bullish pattern known as the Cup and Handle.
This technical pattern, which is presently in the handle creation phase, is expected to complete soon, potentially leading to a strong rally in the altcoin market over the fourth quarter (Q4) of the year. The Cup and Handle pattern is frequently regarded as a powerful bullish indication, implying that the market is about to break out.
The 100x #Altseason will begin in Q4
Life-changing gains will be made 🤑 pic.twitter.com/2VJta8VrRX
— Elja (@Eljaboom) September 11, 2024
Altcoin Dominance and Whale Activity Signal Major Market Shift
Elja is not the only one with a bullish outlook on the cryptocurrency market. Previously, according to CNF, several well-known analysts predicted that TOTAL2 will leap to a new all-time high (ATH). Such a move would be a watershed moment for altcoins, with many analysts forecasting a new phase of market growth.
Rising buy barriers for cryptocurrencies show that large investors, also known as whales, are already preparing for the anticipated rally. The increased accumulation by these huge players is frequently interpreted as a strong indicator that a major upward move is imminent.
Also, as we previously noted, Mikybull Crypto, another notable analyst, added to the increasing sentiment surrounding cryptocurrency by highlighting the recent increase in altcoin dominance. This gain followed the appearance of a rare buy signal, which many traders and investors regard as a watershed event in the market cycle.
Altcoin dominance has steadily increased, indicating that more cash is flowing into these assets as investors brace for a potential “altseason”—a period in which altcoins outperform Bitcoin and see fast price gains.
Currently, Bitcoin has a dominance of roughly 56.1%, making it a focal point for investors attempting to predict a future altseason.
Historically, when Bitcoin’s dominance declines, altcoins tend to take a larger share of the market, resulting in significant price gains across multiple assets. As Bitcoin maintains its dominant position, investors are keeping an eye out for any signs of weakness that could spark the altcoin boom.
