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- Ethereum Classic’s (ETC) accumulation phase of 1,099 days signals a potential 10x growth in the next bull cycle.
- Expert analysis suggests prolonged accumulation often precedes significant market gains for long-term investors.
On TradingView, popular crypto analyst Alan Santana has lately focused on Ethereum Classic (ETC) in his bullish projections. Based on Santana’s analysis, the coin shows a bright long-term future and its lengthy accumulation phase provides a solid basis for the next surge.
Starting in November 2021, Santana notes this phase has been 1,099 days. Making comparisons with the past bull market, he observes that ETC’s remarkable 5,725% increase from December 2018 to May 2021 preceded a comparable 900–1,000 day accumulation period.
ETC: Accumulation Phase Sets Stage for Multiple Gains
Longer accumulation times, according to Santana, usually result in greater bull markets, and this time, market conditions seem even more favorable.
Based on a normal bull market, his forecasts show Ethereum Classic’s possible new all-time high (ATH) to range between $291 and $390, indicating an 8X to 11X return from its existing trading price of over $36. Considering the lowest market prices following ATH, the increase might reach 2,316% to 3,150%.
Although a super bull market could produce even more gains, Santana stresses that for investors, returns of 5X to 10X still attract greatly.
Giving this perspective legitimacy, Crypto News Flash (CNF) has also highlighted Ethereum Classic’s extended accumulation period, implying it as a forerunner to a major bull cycle. A significant bull run for ETC is expected to start before the end of 2024, in line with Santana’s forecasts.
Still, the state of the current market presents a more wary image. ETC is trading at over $31.62 at the time of writing, it corrected 11.64% over a major crypto market decline over the last 24 hours.
Although short-term volatility continues, these swings could offer a chance for accumulation in line with the long-term optimistic attitude voiced by analysts.
