People are still optimistic about the crypto market, especially when it comes to altcoins. Some people believe the market for altcoins will go through the roof. Among them is El Crypto Prof, an established crypto expert best known for his work on X.
El Crypto Prof just wrote a post on X that explained in more detail why the altcoin market is going to grow very rapidly. To show why things are moving slowly right now, the expert used a picture that showed past bull runs in the crypto market.
El Crypto Prof drew comparisons to years past, like 2016 and 2020 after Bitcoin’s halving events, to show a pattern of accumulation occurring before significant altcoin rises. Since the recent halving of Bitcoin a week ago, there has been a similar trend of buildup in 2024.
The analyst also noticed that backtesting usually happens after accumulation phases, which is what happens before significant altcoin price increases. El Crypto Prof says that the backtesting phase is still going on and that there could be an enormous spike in altcoins.
El Crypto, Rekt Capital In Agreement
If things keep going the way they have, the expert said, the altcoin market could have months of success, like when the value of all altcoins in circulation doubled. It is thought that the market value will soon go over $2 trillion. It’s currently worth about $1 trillion. That is why El Crypto Prof said people should not have negative mindsets and that they should learn a lot.
As of late, Bitcoin and other cryptocurrency prices have been going down. However, the market still believes that prices will go back up. The Crypto Fear & Greed Index keeps showing that people are still willing to put funds into the market, which is another reason to be positive.
Rekt Capital, which is another renowned and esteemed crypto expert, agreed with El Crypto Prof. X was where Rekt Capital talked about Bitcoin’s latest phase of growth. They called it the “Re-Accumulation period.” Analyst thinks there will be another breakout, but is concerned that people will remember the next parabolic phase better than this one.
