TL;DR
1.Altcoin bullishness highlighted as RSI nears crucial threshold, signaling potential surge.
2.Stockmoney Lizards reinforces Mags' analysis, citing $730B support retest, forecasts altcoin market top at $10T.
3.BTC.D decrease crucial for Mags, Stockmoney Lizards' altcoin surge predictions to align.
As the cryptocurrency market steadily rebounds since Q4 2023, altcoins have notably surged, nearly doubling their market cap over the past five months. Analyst "Mags" has shared insights based on Relative Strength Index (RSI) analysis, suggesting that altcoins are on the verge of a substantial bull run.
In a recent analysis, Mags highlighted the bullishness of altcoins, noting that the RSI indicator is nearing the crucial threshold of 70 on the two-week timeframe. Mags anticipates that once the RSI crosses above 70, altcoins will experience a significant surge, potentially reaching parabolic levels. This prediction draws from historical data, particularly from the previous bull market, where a similar RSI movement led to a remarkable increase in the altcoin market cap, from $90 billion to $1 trillion, starting in late 2020.
While Mags foresees the RSI crossing 70 in the near future, he also warns of possible short-term fluctuations, emphasizing the importance of considering the chart's two-week timeframe. Nonetheless, he maintains an optimistic outlook, stating that "the big picture looks incredibly bullish."
Supporting Mags' analysis, Stockmoney Lizards highlights the recent successful retest of the $730 billion support level in the altcoin market cap. This development increases the likelihood of a repeat of the 10x surge observed in late 2020. Stockmoney Lizards projects a potential altcoin market top at an impressive $10 trillion.
For Mags and Stockmoney Lizards' predictions to materialize, Bitcoin Dominance (BTC.D) must decrease. Historically, significant altcoin surges coincide with a reduction in BTC.D, indicating a shift in capital from Bitcoin to higher-beta altcoins. Recent weeks have seen BTC.D decline from a local peak of 54.03% to its current level of 52.88%. The resistance zone near 54.4% has proven formidable, with BTC.D failing to surpass it in four recent attempts.
Bitcoin Dominance on weekly time frame perTrading View
With BTC.D showing signs of decline, the forecasts of an impending altcoin surge from Mags and Stockmoney Lizards appear increasingly aligned.
As the cryptocurrency market rebounds, altcoins show promising signs of a surge, nearly doubling their market cap in the past five months. Analyst "Mags" predicts a significant bull run based on Relative Strength Index (RSI) analysis, with altcoins poised to reach parabolic levels once the RSI crosses 70. This analysis is supported by Stockmoney Lizards, who highlights a successful retest of the $730 billion support level, projecting a potential altcoin market top at $10 trillion. However, these predictions hinge on a decrease in Bitcoin Dominance (BTC.D), which historically accompanies significant altcoin surges, indicating a shift in capital from Bitcoin to altcoins. With BTC.D showing signs of decline, the stage is set for a potential altcoin surge as forecasted by Mags and Stockmoney Lizards.
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