Crypto analyst Mags predicts a significant breakout in the altcoin market, potentially leading to a strong bull market.
His forecast is based on a detailed analysis of the altcoin market chart, which he divided into four phases: accumulation, first leg up, consolidation, and bull market.
Mags shared a screenshot illustrating the altcoin market’s development over the past two years, highlighting its adherence to these phases.
According to him, altcoins were in the accumulation phase from Q3 2022 to Q3 2023.
The first leg up began in October 2023, continuing into Q1 2024 before entering the current consolidation phase. Mags described this pattern as straightforward, noting that altcoin prices have been consolidating for several months.
Using a graphical representation, Mags predicted that the altcoin market cap could rise significantly, from its current $1.055 trillion to around $4 trillion by mid-2025.
Meanwhile, Mags noted that Bitcoin is holding its mid-range level well. He used a BTC chart to explain various regions such as range-high, range-low, mid-range, fake-out, reclaim, and retest.
According to his analysis, Bitcoin is currently retesting the mid-range. He suggested that maintaining this level could lead to a significant rebound, potentially pushing BTC above its current All-Time High (ATH).
