bullish

Rally

Future

Bitcoin

<ul class="wp-block-list">
 <li>Altcoin market cap faces critical test at 0.382 Fibonacci support, risking further decline if levels break.</li>  
 <li>Analyst warns of market weakness as a long-term bullish trendline dating back to 2017 breaks, suggesting downside risk.</li>  
 <li>Altcoin market shows a descending triangle pattern, hinting at potential continuation of bearish movement or a bullish breakout.</li> 
</ul>  
<p>According to MikybullCrypto, a crypto analyst on X, recently provided insights regarding the <a href="https://x.com/MikybullCrypto/status/1842572955194147114" target="_blank" rel="noopener noreferrer nofollow">approaching</a> altseason. According to his analysis, despite a recent market downturn, altcoins are in the midst of retesting the breakout channel. His forecast suggests that the market is at a pivotal moment, potentially up for a new rally if key support levels hold.</p>  
<h2 class="wp-block-heading" id="h-market-overview-and-fibonacci-levels"><strong>Market Overview and Fibonacci Levels</strong></h2>  
<p>The total altcoin market cap, excluding <a href="https://cryptonewsland.com/bitcoin-and-ethereum-dominate-new-etf-launches-occupying-13-of-the-top-25-spots/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin and Ethereum</a>, was valued at $595.76 billion. The market experienced a notable loss of 6.50% for the week. Importantly, the analyst highlighted two crucial levels: the 1.272 Fibonacci extension at $1.27 trillion and the 0.382 Fibonacci retracement at $382 billion.&nbsp;</p>  
<p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeKJZW7kBxQy1ldT18QXxwtC_5LTrz8YhLVZSvBfahYdiRHX1ydOBOm4G5p2qBgONP0WB5s4Ll6x8vp2DtRq6z38o1YU3h_sD1t6_Qpc9OWcnz9s4mqGrzIGBX3tpdR4YFFqL2JYHDIVOIceqxQ7ZrYRKIa?key=6tStFVQNkQdqciHYmkkveg" width="602" height="341">Source: <a href="https://x.com/MikybullCrypto/status/1842572955194147114" rel="noopener noreferrer nofollow">MikybullCrypto</a></p>  
<p>These Fibonacci levels serve as markers for traders. The extension level represents resistance, as the market retraced from this point after hitting it earlier, while the retracement acts as a key support zone. The market has touched both levels, showing that these areas may play a critical role in determining future price movements.</p>  
<h2 class="wp-block-heading" id="h-trendline-and-market-cycles"><strong>Trendline and Market Cycles</strong></h2>  
<p>The analyst also emphasized a long-term trendline dating back to 2017. This upward trendline supported the market for years but was recently broken, indicating a potential shift in momentum.&nbsp;</p>  
<p>The break suggests <a href="https://cryptonewsland.com/parabolic-breakout-looms-for-altcoins-analyst-predicts-major-gains-if-1-4-trillion-resistance-is-broken/" target="_blank" rel="noopener noreferrer nofollow">weakening bullish sentiment</a>, which could result in more prolonged bearish or sideways movement. Historical patterns, including the bull runs of 2017-2018 and 2020-2021, further support this outlook.&nbsp;</p>  
<p>Each cycle saw a dramatic increase in the altcoin market cap, followed by a sharp correction. Since the correction after the 2021 peak, the market has been consolidating, moving within a confined range.</p>  
<h2 class="wp-block-heading" id="h-current-market-structure-and-future-scenarios"><strong>Current Market Structure and Future Scenarios</strong></h2>  
<p>The market is now forming a descending triangle, a pattern often seen before a continuation of downward trends. If the market breaches its current support levels, notably the 0.382 Fibonacci retracement, there is potential for a deeper decline, possibly testing the $250-310 billion range.&nbsp;</p>  
<p>However, should the market break upwards from the descending triangle, it could attempt to regain the $1 trillion mark, with the 1.272 Fibonacci extension being the next target.</p> 
<p>The post <a href="https://cryptonewsland.com/altcoins-poised-for-massive-rally-as-key-fibonacci-levels-signal-market-rebound-says-analyst/" rel="noopener noreferrer nofollow">Altcoins Poised for Massive Rally as Key Fibonacci Levels Signal Market Rebound, Says Analyst</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Altcoins Poised for Massive Rally as Key Fibonacci Levels Signal Market Rebound, Says Analyst

Table of Contents

Crypto News Land

Other articles published on Oct 6, 2024

Tether to Commemorate 10th Anniversary With USDT Documentary

Elon Musk “Dark MAGA” Boosts Donald Trump’s Win Odds & Crypto Tokens Prices

90% Cardano (ADA) Price Drop Predicted by Max Kaiser: Details

Dark MAGA coin spikes on heels of Elon Musk, Trump rally speech

UAE Introduces VAT Amendments: Digital Assets Now Treated Like Traditional Financial Services

Morning Star Patterns Illuminate Aptos’ Charts, Is APT Gearing for Ascent?

Join our free newsletter for daily crypto updates!