Examples of this can be seen while looking at major cryptocurrencies like Tezos and Ethereum, which have both seen massive gains over the past several days that are emblematic of the type of rallies seen during full-fledged bull markets.
Now, one elusive indicator that has flashed before the crypto market’s previous parabolic uptrends is flashing again, suggesting that the markets could be on the cusp of seeing a 2017-esque movement in the months ahead.
Crypto Market Sees Intense Uptrend as Analysts Eye Further Gains
It’s no secret that 2020 has been a great year for the crypto market, with Bitcoin’s climb from lows of $6,800 to highs of over $10,500 allowing the markets to see some intense momentum.
This uptrend has allowed the aggregated crypto market capitalization to balloon, rising from year-to-date lows of $185 billion to its current size of over $300 million.
The fact that this climb has come about as the result of money pouring into both Bitcoin and altcoins concurrently suggests that fresh capital is entering the markets, and that a fundamental shift in market structure is occuring.
Financial Survivalism, a prominent crypto analyst on Twitter, explained in a recent tweet that he anticipates altcoins to see further momentum due to bullish patterns that they have been widely forming as of late.
“Can’t help but salivate when looking at the Big W patterns that are taking shape in alts. Most haven’t confirmed yet but they are already very well defined. First entry occurs with a close above point D. Second entry occurs with a close above point A,” he said while pointing to a collection of charts seen below.
Can't help but salivate when looking at the Big W patterns that are taking shape in $alts. Most haven't confirmed yet but they are already very well defined.
First entry occurs with a close above point D. Second entry occurs with a close above point A. $ETH $LTC $EOS