Analyst foresees imminent surge in altcoin market, approaching parabolic growth.
Renowned crypto analyst @Mags recently shared his insights on the current state and future of the altcoin market with his followers. In a bold prediction, the expert foresees a parabolic trajectory for the value of most cryptocurrencies in the coming months.
@Mags’ optimistic outlook is supported by the Moving Average Convergence/Divergence (MACD) indicator on the monthly timeframe. Drawing comparisons to a similar situation in 2020, when altcoin market capitalization skyrocketed by over 2000% from $85 billion to $1.73 trillion, the analyst expects a similar movement if the MACD cross forms once again.
However, as a more realistic scenario, @Mags suggests that by 2025, the altcoin market could reach a staggering $7 trillion, representing a roughly 1000% increase from its current figure of $637 billion.
In the past month, Bitcoin (BTC) has experienced a 27% surge, reaching $37,200 at the time of writing. The altcoin market has followed suit, with the top 10 cryptocurrencies by market capitalization also enjoying positive growth.
The enthusiasm surrounding the cryptocurrency market shows no signs of waning, particularly as the Bitcoin halving approaches and the anticipation builds for a decision on spot Bitcoin ETF applications in the United States.
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